Lincluden Management Ltd. Has $48.80 Million Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Lincluden Management Ltd. reduced its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 4.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 795,046 shares of the bank's stock after selling 34,861 shares during the period. Canadian Imperial Bank of Commerce accounts for about 5.3% of Lincluden Management Ltd.'s investment portfolio, making the stock its 4th largest position. Lincluden Management Ltd. owned 0.08% of Canadian Imperial Bank of Commerce worth $48,799,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 0.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,138,857 shares of the bank's stock worth $108,499,000 after buying an additional 15,549 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Canadian Imperial Bank of Commerce by 22.2% during the first quarter. Van ECK Associates Corp now owns 143,283 shares of the bank's stock valued at $7,267,000 after purchasing an additional 26,065 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter valued at about $175,000. PDS Planning Inc bought a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter valued at about $204,000. Finally, Lorne Steinberg Wealth Management Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 0.7% during the first quarter. Lorne Steinberg Wealth Management Inc. now owns 163,228 shares of the bank's stock valued at $8,277,000 after purchasing an additional 1,091 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 Performance

Shares of CM stock traded up $0.41 during trading hours on Friday, reaching $62.97. 593,943 shares of the company's stock were exchanged, compared to its average volume of 1,427,599. Canadian Imperial Bank of Commerce has a fifty-two week low of $35.96 and a fifty-two week high of $63.53. The stock has a market capitalization of $59.48 billion, a P/E ratio of 12.29, a P/E/G ratio of 1.91 and a beta of 1.07. The business has a fifty day moving average price of $60.57 and a 200-day moving average price of $53.10. 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 quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion for 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 was up 12.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.14 earnings per share. Analysts predict that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were paid a dividend of $0.652 per share. This represents a $2.61 annualized dividend and a dividend yield of 4.14%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 52.46%.

Analysts Set New Price Targets

CM has been the topic of several research reports. 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 Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" 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. BMO Capital Markets lifted 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. Finally, StockNews.com lowered Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Saturday, October 19th. Two research 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. Based on data from MarketBeat.com, the stock has an average 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.