Bessemer Group Inc. Reduces Stock Holdings in Canadian Imperial Bank of Commerce $CM

Bessemer Group Inc. lessened its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 22.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 122,643 shares of the bank’s stock after selling 35,225 shares during the quarter. Bessemer Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $9,790,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 41,410,285 shares of the bank’s stock valued at $2,939,385,000 after purchasing an additional 1,382,123 shares during the last quarter. Norges Bank purchased a new stake in Canadian Imperial Bank of Commerce in the second quarter valued at approximately $730,245,000. CIBC Asset Management Inc boosted its holdings in shares of Canadian Imperial Bank of Commerce by 4.0% in the third quarter. CIBC Asset Management Inc now owns 9,910,976 shares of the bank’s stock valued at $791,049,000 after acquiring an additional 384,414 shares during the period. Geode Capital Management LLC grew its position in shares of Canadian Imperial Bank of Commerce by 19.7% during the second quarter. Geode Capital Management LLC now owns 7,547,548 shares of the bank’s stock worth $542,697,000 after acquiring an additional 1,244,271 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Canadian Imperial Bank of Commerce by 130.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock valued at $519,312,000 after acquiring an additional 4,160,060 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Up 2.3%

CM stock opened at $96.74 on Friday. The company has a market cap of $89.64 billion, a P/E ratio of 15.89, a P/E/G ratio of 1.29 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $96.96. The company’s 50-day moving average price is $91.97 and its 200 day moving average price is $83.67. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.13.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.08. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.Canadian Imperial Bank of Commerce’s revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.91 earnings per share. On average, research 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 declared a quarterly dividend, which was paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th were issued a $1.07 dividend. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date was Monday, December 29th. This represents a $4.28 annualized dividend and a yield of 4.4%. Canadian Imperial Bank of Commerce’s payout ratio is presently 50.25%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CM. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Raymond James Financial assumed coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They set a “market perform” rating on the stock. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Finally, Zacks Research cut Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and an average target price of $107.50.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.