Mackenzie Financial Corp Grows Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Mackenzie Financial Corp lifted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 4.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,127,005 shares of the bank's stock after acquiring an additional 206,283 shares during the period. Mackenzie Financial Corp owned 0.54% of Canadian Imperial Bank of Commerce worth $243,813,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CM. APG Asset Management N.V. increased its holdings in shares of Canadian Imperial Bank of Commerce by 238.3% in the second quarter. APG Asset Management N.V. now owns 101,082 shares of the bank's stock worth $4,484,000 after purchasing an additional 71,200 shares during the last quarter. AXA S.A. increased its stake in Canadian Imperial Bank of Commerce by 373.3% in the 2nd quarter. AXA S.A. now owns 805,845 shares of the bank's stock worth $38,310,000 after acquiring an additional 635,592 shares during the last quarter. 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 worth $1,233,272,000 after acquiring an additional 3,942,894 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at approximately $407,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Canadian Imperial Bank of Commerce by 61.7% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank's stock valued at $334,321,000 after purchasing an additional 2,681,428 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CM shares. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Friday, August 30th. Bank of America raised Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a research note on Friday, August 30th. UBS Group initiated coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They issued a "neutral" rating for the company. BMO Capital Markets boosted 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 report on Friday, August 30th. Finally, Cormark upgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Trading Down 1.0 %

Canadian Imperial Bank of Commerce stock traded down $0.63 during mid-day trading on Friday, hitting $61.61. The company's stock had a trading volume of 224,545 shares, compared to its average volume of 1,467,219. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a 50 day moving average of $55.32 and a 200-day moving average of $51.05. Canadian Imperial Bank of Commerce has a one year low of $34.35 and a one year high of $62.67. The stock has a market cap of $58.20 billion, a PE ratio of 12.67, a P/E/G ratio of 1.86 and a beta of 1.07.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted 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. The company 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 net margin of 10.66% and a return on equity of 13.50%. The firm's revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.14 EPS. On average, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be issued a $0.652 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.23%. Canadian Imperial Bank of Commerce's payout ratio is 54.32%.

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.