CIBC Asset Management Inc Boosts Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

CIBC Asset Management Inc raised its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 3.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,352,605 shares of the bank's stock after acquiring an additional 375,837 shares during the period. Canadian Imperial Bank of Commerce accounts for approximately 2.3% of CIBC Asset Management Inc's portfolio, making the stock its 10th largest position. CIBC Asset Management Inc owned approximately 1.20% of Canadian Imperial Bank of Commerce worth $696,659,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CM. Toronto Dominion Bank raised its stake in Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank's stock valued at $1,233,272,000 after acquiring an additional 3,942,894 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of Canadian Imperial Bank of Commerce by 26.8% during the second quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank's stock worth $867,377,000 after purchasing an additional 3,875,280 shares during the period. Cibc World Market Inc. grew its position in Canadian Imperial Bank of Commerce by 18.9% in the 2nd quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank's stock valued at $938,834,000 after buying an additional 3,143,734 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in Canadian Imperial Bank of Commerce by 61.7% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank's stock worth $334,321,000 after buying an additional 2,681,428 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in shares of Canadian Imperial Bank of Commerce by 41.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,589,611 shares of the bank's stock worth $283,642,000 after acquiring an additional 1,634,651 shares during the period. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Down 1.5 %

Shares of Canadian Imperial Bank of Commerce stock traded down $0.96 during mid-day trading on Friday, hitting $62.94. 483,901 shares of the stock were exchanged, compared to its average volume of 1,392,657. Canadian Imperial Bank of Commerce has a twelve month low of $37.97 and a twelve month high of $65.09. The company has a 50-day simple moving average of $61.97 and a 200 day simple moving average of $54.24. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $59.45 billion, a price-to-earnings ratio of 12.52, a price-to-earnings-growth ratio of 1.85 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, topping the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The company had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same period in the prior year, the firm posted $1.14 earnings per share. The firm's revenue was up 12.9% on a year-over-year basis. Research analysts forecast that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were issued a $0.652 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.14%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 52.26%.

Analyst Ratings Changes

CM has been the subject of a number of analyst reports. BMO Capital Markets increased their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an "outperform" rating in a research note on Friday, August 30th. Cormark raised shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 30th. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Saturday, October 19th. Bank of America raised shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a report on Friday, August 30th. Finally, Desjardins upgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $81.00.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.