177,415 Canadian Imperial Bank of Commerce $CM Shares Sold by Fisher Asset Management LLC

Key Points

• Fisher Asset Management cut its CIBC stake by 6.3%, selling 177,415 shares in the third quarter; it still held 2.63 million shares, valued at about $290 million.
• CIBC reported quarterly EPS of $1.96, beating the $1.80 consensus, and revenue of $5.97 billion, above estimates of $5.74 billion.
• The bank paid a quarterly dividend of C$1.07 per share, equivalent to a 3.7% annualized yield. Analysts’ consensus rating was “Moderate Buy,” with a $160 price target.

Fisher Asset Management LLC decreased its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 6.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,632,685 shares of the bank's stock after selling 177,415 shares during the period. Fisher Asset Management LLC owned approximately 0.29% of Canadian Imperial Bank of Commerce worth $290,069,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CM. Compass Financial Management LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter worth about $33,000. Bell Investment Advisors Inc bought a new position in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $36,000. Security National Bank of SO Dak purchased a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at approximately $42,000. Silver Grove Financial Group Inc. grew its holdings in Canadian Imperial Bank of Commerce by 43.9% during the 3rd quarter. Silver Grove Financial Group Inc. now owns 469 shares of the bank's stock valued at $52,000 after buying an additional 143 shares in the last quarter. Finally, NFSG Corp purchased a new position in Canadian Imperial Bank of Commerce during the 3rd quarter valued at approximately $75,000. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Down 0.5%

Shares of NYSE CM opened at $116.00 on Friday. The business's 50 day moving average is $113.92 and its two-hundred day moving average is $109.71. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 1-year low of $82.71 and a 1-year high of $124.86. The stock has a market capitalization of $105.04 billion, a P/E ratio of 15.79, a PEG ratio of 1.07 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, August 27th. The bank reported $1.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.80 by $0.16. The business had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.74 billion. Canadian Imperial Bank of Commerce had a return on equity of 17.02% and a net margin of 16.09%. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 7.53 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th were paid a dividend of C$1.07 per share. This represents a $4.28 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Monday, September 28th. Canadian Imperial Bank of Commerce's payout ratio is presently 41.26%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CM shares. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (a)" rating in a research report on Wednesday, November 4th. Barclays restated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. Keefe, Bruyette & Woods began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. They set a "market perform" rating on the stock. Desjardins downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Finally, Royal Bank Of Canada reiterated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $160.00.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a diversified financial institution headquartered in Toronto, Canada. It traces its roots to the Canadian Bank of Commerce, founded in 1867, and was formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada. CIBC provides personal and business banking, commercial banking, wealth management, and capital markets services. Its offerings include deposit accounts, mortgages, lending, payment services, investment and financial advice, and financing and advisory services for businesses and institutional clients.

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