CenterBook Partners LP Cuts Stake in Canadian Imperial Bank of Commerce $CM

CenterBook Partners LP lessened its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 62.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,119 shares of the bank’s stock after selling 8,580 shares during the period. CenterBook Partners LP’s holdings in Canadian Imperial Bank of Commerce were worth $409,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. American Century Companies Inc. grew its holdings in Canadian Imperial Bank of Commerce by 10.8% during the 2nd quarter. American Century Companies Inc. now owns 348,986 shares of the bank’s stock worth $24,772,000 after acquiring an additional 33,908 shares in the last quarter. Legal & General Group Plc lifted its position 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 purchasing an additional 262,675 shares during the last quarter. Westerkirk Capital Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth $3,379,000. AGF Management Ltd. grew its stake in shares of Canadian Imperial Bank of Commerce by 15.2% during the second quarter. AGF Management Ltd. now owns 881,521 shares of the bank’s stock worth $62,908,000 after purchasing an additional 116,190 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in 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 buying an additional 1,382,123 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $99.56 on Friday. The business has a 50 day simple moving average of $93.41 and a 200-day simple moving average of $85.43. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $99.62. 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 stock has a market capitalization of $92.25 billion, a PE ratio of 16.35, a price-to-earnings-growth ratio of 1.29 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08. The company had revenue of $5.41 billion during 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%. Canadian Imperial Bank of Commerce’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.91 EPS. Equities analysts predict 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 was paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th were issued a $1.07 dividend. The ex-dividend date of this dividend was Monday, December 29th. This represents a $4.28 dividend on an annualized basis and a yield of 4.3%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 50.25%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Barclays raised Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a report on Thursday. 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 on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Finally, Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.