Candriam S.C.A. Sells 7,133 Shares of Canadian Imperial Bank of Commerce $CM

Candriam S.C.A. lowered its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 319,456 shares of the bank’s stock after selling 7,133 shares during the quarter. Candriam S.C.A.’s holdings in Canadian Imperial Bank of Commerce were worth $25,533,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank bought a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $730,245,000. The Manufacturers Life Insurance Company boosted its stake in Canadian Imperial Bank of Commerce by 130.2% during 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 purchasing an additional 4,160,060 shares during the last quarter. Public Sector Pension Investment Board increased its holdings in Canadian Imperial Bank of Commerce by 51.8% during the 2nd quarter. Public Sector Pension Investment Board now owns 7,106,008 shares of the bank’s stock worth $503,383,000 after purchasing an additional 2,425,000 shares in the last quarter. Vanguard Group Inc. raised its stake 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 worth $2,939,385,000 after purchasing an additional 1,382,123 shares during the last quarter. Finally, Fisher Asset Management LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter worth approximately $88,610,000. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM opened at $98.03 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.13. The stock has a fifty day simple moving average of $92.22 and a two-hundred day simple moving average of $83.97. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $98.27. The firm has a market cap of $90.84 billion, a price-to-earnings ratio of 16.10, a price-to-earnings-growth ratio of 1.32 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.08. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The business’s revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.91 earnings per share. 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 announced a quarterly dividend, which was paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th were given a dividend of $1.07 per share. 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 yield of 4.4%. The ex-dividend date was Monday, December 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 50.25%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. 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 reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Zacks Research cut shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Finally, Raymond James Financial began coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They issued a “market perform” rating on the stock. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce 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.