Royal London Asset Management Ltd. Has $4.07 Million Stock Position in Canadian Imperial Bank of Commerce $CM

Royal London Asset Management Ltd. reduced its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 12.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,417 shares of the bank’s stock after selling 5,001 shares during the period. Royal London Asset Management Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $4,073,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. FIL Ltd increased its holdings in Canadian Imperial Bank of Commerce by 26.1% in the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock valued at $1,156,438,000 after purchasing an additional 2,643,495 shares during the last quarter. Bank of Nova Scotia increased its stake in shares of Canadian Imperial Bank of Commerce by 0.5% in the 1st quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank’s stock valued at $1,201,762,000 after acquiring an additional 57,210 shares during the last quarter. Cibc World Market Inc. increased its stake in shares of Canadian Imperial Bank of Commerce by 1.3% in the 4th quarter. Cibc World Market Inc. now owns 12,010,183 shares of the bank’s stock valued at $1,088,243,000 after acquiring an additional 158,634 shares during the last quarter. Mackenzie Financial Corp increased its stake in shares of Canadian Imperial Bank of Commerce by 69.3% in the 4th quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock valued at $986,173,000 after acquiring an additional 4,419,968 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $958,383,000. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Down 0.7%

Shares of NYSE:CM opened at $113.49 on Tuesday. Canadian Imperial Bank of Commerce has a 12 month low of $76.10 and a 12 month high of $124.86. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The company’s fifty day simple moving average is $117.45 and its 200 day simple moving average is $109.19. The firm has a market cap of $103.60 billion, a price-to-earnings ratio of 15.15, a PEG ratio of 1.19 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.16. The firm had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.74 billion. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. As a group, research analysts forecast that Canadian Imperial Bank of Commerce will post 7.41 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Monday, September 28th will be issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Monday, September 28th. Canadian Imperial Bank of Commerce’s payout ratio is 41.39%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CM. Barclays restated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. Desjardins cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Tuesday, August 4th. Royal Bank Of Canada reissued an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday. Raymond James Financial restated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and a consensus price target of $167.00.

About Canadian Imperial Bank of Commerce

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.