67,011 Canadian Imperial Bank of Commerce $CM Shares Sold by Candriam S.C.A.

Key Points

• Candriam S.C.A. cut its CIBC holdings by 23.4% in the third quarter, selling 67,011 shares and retaining 218,884 shares valued at about $24.3 million.
• CIBC beat quarterly earnings and revenue expectations, reporting EPS of $1.96 versus the $1.80 consensus and revenue of $5.97 billion versus $5.74 billion.
• Analysts’ consensus rating was “Moderate Buy” with a $160 price target; CIBC’s annualized dividend was C$4.28 per share, a 3.7% yield.

Candriam S.C.A. reduced its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 23.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 218,884 shares of the bank's stock after selling 67,011 shares during the period. Candriam S.C.A.'s holdings in Canadian Imperial Bank of Commerce were worth $24,252,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Cibc World Market Inc. bought a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at approximately $1,342,850,000. Bank of Nova Scotia purchased a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $1,297,567,000. Canada Pension Plan Investment Board purchased a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $927,219,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $916,774,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $905,393,000. 49.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Weiss Ratings raised Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (a)" rating in a research note on Wednesday. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. TD Securities reiterated a "buy" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Keefe, Bruyette & Woods started coverage on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. They issued a "market perform" rating on the stock. Finally, Desjardins downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" and a consensus price target of $160.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $115.12 on Monday. 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 one year low of $82.71 and a one year high of $124.86. The company has a 50-day simple moving average of $113.74 and a two-hundred day simple moving average of $109.22. The firm has a market capitalization of $104.24 billion, a PE ratio of 15.37, a price-to-earnings-growth ratio of 1.05 and a beta of 1.01.

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

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 28th. Stockholders of record on Monday, September 28th were paid 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 was Monday, September 28th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 41.26%.

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.

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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