Lipe & Dalton Has $7.18 Million Stock Holdings in Canadian Imperial Bank of Commerce $CM

Lipe & Dalton trimmed its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 6.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 75,740 shares of the bank’s stock after selling 4,920 shares during the quarter. Canadian Imperial Bank of Commerce accounts for 3.8% of Lipe & Dalton’s holdings, making the stock its 4th largest holding. Lipe & Dalton’s holdings in Canadian Imperial Bank of Commerce were worth $7,176,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CM. Norges Bank bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $958,383,000. Mackenzie Financial Corp raised its stake in shares of Canadian Imperial Bank of Commerce by 69.3% during the 4th quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock worth $986,173,000 after acquiring an additional 4,419,968 shares in the last quarter. FIL Ltd lifted its position in Canadian Imperial Bank of Commerce by 26.1% during the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock valued at $1,156,438,000 after acquiring an additional 2,643,495 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Canadian Imperial Bank of Commerce by 24.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank’s stock valued at $808,281,000 after acquiring an additional 1,720,220 shares during the last quarter. Finally, Morgan Stanley boosted its stake in Canadian Imperial Bank of Commerce by 39.5% in the fourth quarter. Morgan Stanley now owns 4,988,745 shares of the bank’s stock valued at $452,030,000 after acquiring an additional 1,412,363 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Down 1.7%

NYSE:CM opened at $113.95 on Thursday. The company has a market capitalization of $104.02 billion, a P/E ratio of 15.65, a PEG ratio of 1.25 and a beta of 1.02. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 12 month low of $71.00 and a 12 month high of $117.05. The firm has a fifty day simple moving average of $112.20 and a 200-day simple moving average of $102.34.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.08. The firm had revenue of $5.89 billion for the quarter, compared to the consensus estimate of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The firm’s revenue was up 14.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.05 EPS. On average, equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be issued a $1.07 dividend. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.8%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 42.58%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CM. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Weiss Ratings lowered Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, June 4th. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Finally, Royal Bank Of Canada boosted their price target on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.