Massachusetts Financial Services Co. MA Purchases 27,291 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Massachusetts Financial Services Co. MA lifted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 32.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 112,033 shares of the bank's stock after acquiring an additional 27,291 shares during the period. Massachusetts Financial Services Co. MA's holdings in Canadian Imperial Bank of Commerce were worth $6,872,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Toronto Dominion Bank raised its holdings in shares of 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 buying an additional 3,942,894 shares during the period. Cibc World Market Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 18.9% during the second quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank's stock valued at $938,834,000 after purchasing an additional 3,143,734 shares during the period. National Bank of Canada FI lifted its position 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 in the last quarter. CIBC Asset Management Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 3.4% in the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank's stock valued at $696,659,000 after purchasing an additional 375,837 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in Canadian Imperial Bank of Commerce by 14.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank's stock valued at $652,676,000 after purchasing an additional 1,305,665 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Down 0.1 %

Canadian Imperial Bank of Commerce stock traded down $0.05 during trading hours on Wednesday, hitting $64.68. The company had a trading volume of 839,403 shares, compared to its average volume of 1,372,133. The firm's fifty day moving average is $62.66 and its 200-day moving average is $55.34. The firm has a market capitalization of $61.10 billion, a P/E ratio of 12.71, a price-to-earnings-growth ratio of 1.71 and a beta of 1.06. Canadian Imperial Bank of Commerce has a fifty-two week low of $37.97 and a fifty-two week high of $65.89. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion during the quarter, compared to analysts' expectations 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 business's revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.14 earnings per share. On average, research analysts forecast 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 firm also recently declared a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were given a $0.652 dividend. This represents a $2.61 annualized dividend and a yield of 4.03%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 52.46%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. StockNews.com lowered Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Saturday, October 19th. BMO Capital Markets raised their target price on 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. Cormark raised Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 30th. Desjardins raised Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 2nd. Finally, 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. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $81.00.

Canadian Imperial Bank of Commerce Company 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.