Assenagon Asset Management S.A. Decreases Stock Holdings in Canadian Imperial Bank of Commerce $CM

Assenagon Asset Management S.A. trimmed its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 68,995 shares of the bank’s stock after selling 2,770 shares during the period. Assenagon Asset Management S.A.’s holdings in Canadian Imperial Bank of Commerce were worth $4,887,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. American Century Companies Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 5.3% during the first quarter. American Century Companies Inc. now owns 315,078 shares of the bank’s stock valued at $17,724,000 after purchasing an additional 15,867 shares during the last quarter. Hudson Value Partners LLC purchased a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at approximately $708,000. MQS Management LLC purchased a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at approximately $536,000. Cerity Partners LLC increased its holdings in Canadian Imperial Bank of Commerce by 110.7% during the first quarter. Cerity Partners LLC now owns 32,559 shares of the bank’s stock valued at $1,833,000 after buying an additional 17,103 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Canadian Imperial Bank of Commerce by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 878,426 shares of the bank’s stock valued at $49,455,000 after buying an additional 9,623 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $80.71 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a fifty day moving average price of $75.56 and a 200 day moving average price of $67.92. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $82.09. The firm has a market cap of $75.03 billion, a price-to-earnings ratio of 13.63, a P/E/G ratio of 1.76 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The firm had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.12 billion. During the same quarter in the prior year, the business earned $1.93 earnings per share. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 3.3% on a year-over-year basis. As a group, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 4.8%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. The ex-dividend date is Monday, September 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 47.64%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Royal Bank Of Canada upped their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a report on Friday, August 29th. BMO Capital Markets upped their price target on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research report on Friday, May 30th. Finally, Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus price target of $107.50.

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.