International Assets Investment Management LLC Buys New Position in Canadian Imperial Bank of Commerce (NYSE:CM)

International Assets Investment Management LLC bought a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 102,438 shares of the bank's stock, valued at approximately $62,840,000.

Several other institutional investors have also recently made changes to their positions in the company. Toronto Dominion Bank lifted its position 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 period. National Bank of Canada FI lifted its position in Canadian Imperial Bank of Commerce by 26.8% during the 2nd quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank's stock valued at $867,377,000 after acquiring an additional 3,875,280 shares during the period. Cibc World Market Inc. lifted its position in Canadian Imperial Bank of Commerce by 18.9% during the 2nd quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank's stock valued at $938,834,000 after acquiring an additional 3,143,734 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted 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 valued at $334,321,000 after acquiring an additional 2,681,428 shares during the period. Finally, Canada Pension Plan Investment Board lifted its position in Canadian Imperial Bank of Commerce by 41.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,589,611 shares of the bank's stock valued at $283,642,000 after acquiring an additional 1,634,651 shares during the period. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock traded down $0.24 during trading hours on Friday, reaching $62.81. The company had a trading volume of 1,084,593 shares, compared to its average volume of 1,445,637. The business has a fifty day moving average price of $59.80 and a 200-day moving average price of $52.73. Canadian Imperial Bank of Commerce has a one year low of $34.45 and a one year high of $63.36. The firm has a market cap of $59.23 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 1.82 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

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 analysts' consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The firm had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same period in the previous year, the business posted $1.14 earnings per share. The business's revenue for the quarter was up 12.9% on a year-over-year basis. Sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be given a dividend of $0.652 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.15%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 54.73%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CM. Cormark raised shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 30th. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Saturday, October 19th. BMO Capital Markets raised their price objective 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. Finally, UBS Group started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They set a "neutral" rating for the company. 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 company's stock. According to MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of "Hold" and an average target price 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.