Intact Investment Management Inc. Has $107.01 Million Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Intact Investment Management Inc. decreased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 16.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,744,463 shares of the bank's stock after selling 334,690 shares during the quarter. Canadian Imperial Bank of Commerce accounts for about 3.6% of Intact Investment Management Inc.'s investment portfolio, making the stock its 2nd largest position. Intact Investment Management Inc. owned approximately 0.18% of Canadian Imperial Bank of Commerce worth $107,014,000 as of its most recent filing with the SEC.

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

Canadian Imperial Bank of Commerce Stock Up 0.4 %

NYSE:CM traded up $0.25 during mid-day trading on Monday, reaching $63.20. The stock had a trading volume of 633,670 shares, compared to its average volume of 1,423,872. The stock has a market cap of $59.70 billion, a P/E ratio of 12.37, a PEG ratio of 1.89 and a beta of 1.06. The business's 50 day moving average is $60.74 and its 200 day moving average is $53.29. 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 has a fifty-two week low of $37.25 and a fifty-two week high of $63.75.

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, topping analysts' consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The company had revenue of $6.60 billion during the quarter, compared to analysts' expectations of $6.28 billion. During the same quarter in the previous year, the firm earned $1.14 earnings per share. The business's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.36 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 given a dividend of $0.652 per share. The ex-dividend date was Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.13%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 52.46%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a report on Friday, August 30th. Bank of America upgraded Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a report on Friday, August 30th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Saturday, October 19th. BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an "outperform" rating in a research report on Friday, August 30th. Finally, Desjardins upgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of "Hold" and a consensus 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.