Canadian Imperial Bank of Commerce $CM Shares Purchased by Cidel Asset Management Inc.

Cidel Asset Management Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 12.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 508,370 shares of the bank’s stock after acquiring an additional 55,138 shares during the period. Canadian Imperial Bank of Commerce makes up 2.3% of Cidel Asset Management Inc.’s holdings, making the stock its 13th largest position. Cidel Asset Management Inc. owned approximately 0.05% of Canadian Imperial Bank of Commerce worth $40,632,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. American Century Companies Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 10.8% during the second quarter. American Century Companies Inc. now owns 348,986 shares of the bank’s stock worth $24,772,000 after buying an additional 33,908 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Canadian Imperial Bank of Commerce by 4.4% during the 2nd quarter. Legal & General Group Plc now owns 6,183,439 shares of the bank’s stock worth $438,056,000 after acquiring an additional 262,675 shares in the last quarter. Westerkirk Capital Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth $3,379,000. AGF Management Ltd. grew its holdings in shares of Canadian Imperial Bank of Commerce by 15.2% in the 2nd quarter. AGF Management Ltd. now owns 881,521 shares of the bank’s stock worth $62,908,000 after acquiring an additional 116,190 shares during the last quarter. Finally, Cumberland Partners Ltd raised its position in shares of Canadian Imperial Bank of Commerce by 50.0% during the second quarter. Cumberland Partners Ltd now owns 14,407 shares of the bank’s stock worth $1,021,000 after purchasing an additional 4,800 shares during the period. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $95.78 on Friday. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $98.50. The company has a market cap of $88.75 billion, a PE ratio of 15.73, a price-to-earnings-growth ratio of 1.29 and a beta of 1.02. The firm has a fifty day moving average price of $92.84 and a two-hundred day moving average price of $84.54. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.23 billion. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. The business’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.91 earnings per share. Analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current 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 paid a dividend of $1.07 per share. This is a positive change 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 yield of 4.5%. The ex-dividend date was Monday, December 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 50.25%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CM shares. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, January 21st. Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They issued a “market perform” rating on the stock. Finally, Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock 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.