Canadian Imperial Bank of Commerce (NYSE:CM) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 23.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,187,106 shares of the bank's stock after purchasing an additional 601,234 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.34% of Canadian Imperial Bank of Commerce worth $195,561,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Toronto Dominion Bank raised its position in shares of Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank's stock worth $1,233,272,000 after purchasing an additional 3,942,894 shares during the last quarter. Cetera Advisors LLC bought a new position in Canadian Imperial Bank of Commerce during the first quarter valued at approximately $1,278,000. Legal & General Group Plc raised its position in shares of Canadian Imperial Bank of Commerce by 3.3% during the 2nd quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank's stock valued at $342,946,000 after buying an additional 228,130 shares in the last quarter. Ritholtz Wealth Management boosted its stake in Canadian Imperial Bank of Commerce by 140.6% during the third quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank's stock worth $878,000 after buying an additional 8,362 shares during the period. Finally, CIBC Asset Management Inc lifted its stake in shares of Canadian Imperial Bank of Commerce by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank's stock worth $696,659,000 after acquiring an additional 375,837 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Down 0.1 %

Shares of NYSE CM traded down $0.05 during mid-day trading on Wednesday, reaching $64.68. The company had a trading volume of 839,403 shares, compared to its average volume of 1,372,133. The firm has a 50 day simple moving average of $62.66 and a two-hundred day simple moving average of $55.34. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 52-week low of $37.97 and a 52-week high of $65.89. The stock has a market cap of $61.10 billion, a P/E ratio of 12.71, a PEG ratio of 1.71 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, beating 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 firm had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.28 billion. During the same period in the prior year, the business earned $1.14 EPS. The firm's revenue was up 12.9% compared to the same quarter last year. Sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.27 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were given a dividend of $0.652 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.03%. Canadian Imperial Bank of Commerce's payout ratio is currently 52.46%.

Analyst Upgrades and Downgrades

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

Canadian Imperial Bank of Commerce Profile

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.