Connor Clark & Lunn Investment Management Ltd. Has $652.68 Million Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 14.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,641,498 shares of the bank's stock after purchasing an additional 1,305,665 shares during the quarter. Canadian Imperial Bank of Commerce accounts for approximately 3.2% of Connor Clark & Lunn Investment Management Ltd.'s holdings, making the stock its 2nd biggest position. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.13% of Canadian Imperial Bank of Commerce worth $652,676,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of CM. Ridgewood Investments LLC bought a new position in Canadian Imperial Bank of Commerce in the 2nd quarter valued at $29,000. Blue Trust Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 571.6% during the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank's stock worth $45,000 after acquiring an additional 623 shares in the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $51,000. Massmutual Trust Co. FSB ADV increased its position in Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank's stock worth $56,000 after buying an additional 171 shares in the last quarter. Finally, City State Bank acquired a new position in shares of Canadian Imperial Bank of Commerce during the third quarter worth about $61,000. Hedge funds and other institutional investors own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CM shares. Cormark upgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 30th. BMO Capital Markets lifted their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an "outperform" rating in a research note on Friday, August 30th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "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. Finally, 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. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of "Hold" and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Trading Up 0.9 %

NYSE CM traded up $0.56 during trading on Wednesday, hitting $64.89. The stock had a trading volume of 764,037 shares, compared to its average volume of 1,384,701. The firm has a 50 day moving average price of $62.20 and a 200 day moving average price of $54.69. The company has a market capitalization of $61.29 billion, a PE ratio of 12.64, a PEG ratio of 1.84 and a beta of 1.06. 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 quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

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

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were paid a dividend of $0.652 per share. This represents a $2.61 annualized dividend and a yield of 4.02%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce's payout ratio is presently 52.26%.

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.