30,946 Canadian Imperial Bank of Commerce $CM Shares Sold by Beutel Goodman & Co Ltd.

Key Points

• Beutel Goodman cut its CIBC stake by 16%, selling 30,946 shares in the third quarter; it retained 163,056 shares valued at about $18 million.
• Other institutional investors reported a mix of increased, new, and adjusted positions, and institutional investors collectively owned 49.88% of CIBC.
• CIBC beat quarterly earnings and revenue estimates, and analysts’ consensus rating was “Moderate Buy” with a $160 price target. The bank’s annualized dividend yield was reported at 3.7%.

Beutel Goodman & Co Ltd. lowered its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 16.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 163,056 shares of the bank's stock after selling 30,946 shares during the period. Beutel Goodman & Co Ltd.'s holdings in Canadian Imperial Bank of Commerce were worth $18,000,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CM. Leuthold Group LLC lifted its stake in Canadian Imperial Bank of Commerce by 9.0% in the third quarter. Leuthold Group LLC now owns 90,837 shares of the bank's stock valued at $10,008,000 after purchasing an additional 7,495 shares during the last quarter. Fulcrum Asset Management LLP bought a new position in Canadian Imperial Bank of Commerce during the third quarter valued at $85,000. Ethic Inc. increased its position in Canadian Imperial Bank of Commerce by 53.9% in the third quarter. Ethic Inc. now owns 31,789 shares of the bank's stock worth $3,503,000 after buying an additional 11,138 shares during the last quarter. Commonwealth Equity Services LLC increased its position in Canadian Imperial Bank of Commerce by 3.0% in the third quarter. Commonwealth Equity Services LLC now owns 22,669 shares of the bank's stock worth $2,498,000 after buying an additional 667 shares during the last quarter. Finally, Ascent Group LLC increased its position in Canadian Imperial Bank of Commerce by 9.6% in the third quarter. Ascent Group LLC now owns 3,739 shares of the bank's stock worth $412,000 after buying an additional 328 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $116.71 on Tuesday. The firm's 50 day moving average is $113.78 and its 200 day moving average is $109.35. The stock has a market capitalization of $105.68 billion, a P/E ratio of 16.24, a PEG ratio of 1.10 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 12 month low of $82.71 and a 12 month high of $124.86. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings data on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. The business had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.74 billion. On average, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 7.60 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 28th. Stockholders of record on Monday, September 28th were issued a C$1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, September 28th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 41.26%.

Analyst Upgrades and Downgrades

CM has been the topic of several research reports. Desjardins lowered Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Keefe, Bruyette & Woods assumed coverage on Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. They set a "market perform" rating for the company. Barclays reissued an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. TD Securities reissued a "buy" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Finally, Royal Bank Of Canada restated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $160.00.

Canadian Imperial Bank of Commerce 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.

The bank serves individuals, businesses, and institutions across Canada and the United States, as well as clients in select international markets.

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