Allianz Asset Management GmbH Sells 485,835 Shares of Canadian Imperial Bank of Commerce $CM

Allianz Asset Management GmbH lessened its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 77.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 143,377 shares of the bank’s stock after selling 485,835 shares during the period. Allianz Asset Management GmbH’s holdings in Canadian Imperial Bank of Commerce were worth $11,460,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in Canadian Imperial Bank of Commerce in the 2nd quarter valued at $730,245,000. The Manufacturers Life Insurance Company boosted its holdings in Canadian Imperial Bank of Commerce by 130.2% during the second 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. Public Sector Pension Investment Board grew its position in shares of Canadian Imperial Bank of Commerce by 51.8% in the second quarter. Public Sector Pension Investment Board now owns 7,106,008 shares of the bank’s stock valued at $503,383,000 after purchasing an additional 2,425,000 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 3.5% in the second 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. Finally, Fisher Asset Management LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter worth about $88,610,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock opened at $96.74 on Monday. The stock’s fifty day simple moving average is $91.97 and its 200 day simple moving average is $83.80. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $89.64 billion, a price-to-earnings ratio of 15.89, a P/E/G ratio of 1.32 and a beta of 1.02. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $96.96.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released 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. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same period in the prior year, the company posted $1.91 earnings per share. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, 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 announced a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were issued a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, December 29th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 50.25%.

Wall Street Analyst Weigh In

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

Canadian Imperial Bank of Commerce Company Profile

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.