Cibc World Market Inc. Has $946.82 Million Holdings in Canadian Imperial Bank of Commerce $CM

Cibc World Market Inc. grew its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,851,549 shares of the bank’s stock after purchasing an additional 16,618 shares during the quarter. Canadian Imperial Bank of Commerce makes up about 1.7% of Cibc World Market Inc.’s portfolio, making the stock its 10th largest position. Cibc World Market Inc. owned 1.28% of Canadian Imperial Bank of Commerce worth $946,820,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CM. Vanguard Group Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 3.5% during the second quarter. Vanguard Group Inc. now owns 41,410,285 shares of the bank’s stock worth $2,939,385,000 after purchasing an additional 1,382,123 shares during the period. Norges Bank bought a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter valued at $730,245,000. CIBC Asset Management Inc raised its holdings in Canadian Imperial Bank of Commerce by 4.0% during the third quarter. CIBC Asset Management Inc now owns 9,910,976 shares of the bank’s stock worth $791,049,000 after buying an additional 384,414 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 19.7% in the second quarter. Geode Capital Management LLC now owns 7,547,548 shares of the bank’s stock valued at $542,697,000 after buying an additional 1,244,271 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of 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 buying an additional 4,160,060 shares during the last quarter. 49.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. 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 initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They issued a “market perform” rating for the company. 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 downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $98.03 on Wednesday. The firm has a market capitalization of $90.84 billion, a price-to-earnings ratio of 16.10, a PEG ratio of 1.32 and a beta of 1.02. The stock has a fifty day moving average of $92.45 and a 200 day moving average of $84.14. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $98.44. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, beating 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 company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period in the previous year, the company posted $1.91 earnings per share. The firm’s revenue was up 14.5% on a year-over-year basis. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were paid a $1.07 dividend. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Monday, December 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 50.25%.

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.