Canadian Imperial Bank of Commerce $CM Holdings Decreased by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management reduced its CIBC stake by 22.3% in the second quarter, selling 109,017 shares and retaining 380,736 shares valued at approximately $43.8 million. Institutional investors collectively own 49.88% of the bank’s stock.
• CIBC reported quarterly earnings of $1.96 per share, exceeding the $1.80 analyst consensus, while revenue of $5.97 billion also topped estimates.
• The bank announced a quarterly dividend of $1.07 per share, equivalent to $4.28 annually and a 3.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $167.

Cidel Asset Management Inc. trimmed its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 22.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 380,736 shares of the bank's stock after selling 109,017 shares during the period. Canadian Imperial Bank of Commerce makes up about 2.1% of Cidel Asset Management Inc.'s holdings, making the stock its 12th biggest position. Cidel Asset Management Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $43,829,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Deutsche Bank AG purchased a new position in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $237,643,000. Bank of Nova Scotia lifted its position in Canadian Imperial Bank of Commerce by 0.5% in the 1st quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank's stock worth $1,201,762,000 after buying an additional 57,210 shares in the last quarter. Mediolanum International Funds Ltd lifted its position in Canadian Imperial Bank of Commerce by 142.8% in the 1st quarter. Mediolanum International Funds Ltd now owns 142,455 shares of the bank's stock worth $13,086,000 after buying an additional 83,784 shares in the last quarter. Investment Management Corp of Ontario lifted its position in Canadian Imperial Bank of Commerce by 38.6% in the 4th quarter. Investment Management Corp of Ontario now owns 290,749 shares of the bank's stock worth $26,345,000 after buying an additional 80,914 shares in the last quarter. Finally, Tacita Capital Inc acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at $1,834,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM opened at $116.83 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $106.64 billion, a price-to-earnings ratio of 15.60, a P/E/G ratio of 1.19 and a beta of 1.01. The business's 50-day simple moving average is $117.71 and its 200-day simple moving average is $110.04. Canadian Imperial Bank of Commerce has a 52 week low of $77.95 and a 52 week high of $124.86.

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 the consensus estimate of $1.80 by $0.16. The firm had revenue of $5.97 billion during the quarter, compared to analyst estimates 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, equities research analysts expect that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Monday, September 28th will be paid a $1.07 dividend. The ex-dividend date is Monday, September 28th. This represents a $4.28 dividend on an annualized basis and a yield of 3.7%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 41.26%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. TD Securities restated a "buy" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Jefferies Financial Group reissued a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. Scotiabank reiterated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Finally, Keefe, Bruyette & Woods started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They issued a "market perform" rating for the company. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $167.00.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce (CIBC) is a Canadian financial institution headquartered in Toronto, Ontario. The bank provides a broad range of financial products and services to individuals, businesses, institutions and government clients.

CIBC's principal activities include personal and commercial banking, wealth management, investment banking and capital markets services. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment advice, brokerage services, asset management, and corporate finance and advisory services.

The bank serves clients primarily in Canada and the United States through its Canadian banking operations, U.S.

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