Intact Investment Management Inc. Has $29.41 Million Position in Canadian Imperial Bank of Commerce $CM

Intact Investment Management Inc. trimmed its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 30.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 368,043 shares of the bank’s stock after selling 164,120 shares during the quarter. Intact Investment Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $29,413,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CM. CIBC Asset Management Inc grew its stake in shares of 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. Mn Services Vermogensbeheer B.V. lifted its stake in shares of Canadian Imperial Bank of Commerce by 2.3% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 184,500 shares of the bank’s stock valued at $14,746,000 after acquiring an additional 4,200 shares during the last quarter. Lockheed Martin Investment Management Co. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at $4,026,000. Grey Fox Wealth Advisors LLC bought a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter worth $34,000. Finally, Triasima Portfolio Management inc. grew its position in Canadian Imperial Bank of Commerce by 18.7% during the 3rd quarter. Triasima Portfolio Management inc. now owns 228,062 shares of the bank’s stock worth $18,228,000 after acquiring an additional 35,976 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

CM has been the topic of a number of recent research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday. 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. Raymond James Financial assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They set a “market perform” rating on the stock. Finally, Zacks Research upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 31st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $92.74 on Monday. The business has a 50-day moving average of $90.14 and a 200-day moving average of $82.33. 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 company has a market capitalization of $85.94 billion, a price-to-earnings ratio of 15.23, a price-to-earnings-growth ratio of 1.26 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $94.16.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the prior year, the firm posted $1.91 EPS. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities research analysts anticipate 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 firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th will be given 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 of this dividend is Monday, December 29th. This represents a $4.28 annualized dividend and a dividend yield of 4.6%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 50.25%.

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.