Canadian Imperial Bank of Commerce $CM Holdings Lessened by Cardinal Capital Management Inc.

Key Points

• Cardinal Capital Management cut its CIBC position by 8.2% in the third quarter, selling 126,134 shares and retaining 1.41 million shares valued at approximately $155.4 million. Institutional investors collectively own 49.88% of the bank.
• Analyst sentiment remains positive but mixed: CIBC has an overall “Moderate Buy” rating and an average price target of $160, despite one downgrade from Desjardins to “hold.”
• CIBC exceeded quarterly expectations with $1.96 in earnings per share versus the $1.80 estimate and $5.97 billion in revenue. The bank also declared a quarterly dividend of C$1.07, representing an annualized yield of about 3.8%.

Cardinal Capital Management Inc. lowered its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 8.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,407,112 shares of the bank's stock after selling 126,134 shares during the quarter. Canadian Imperial Bank of Commerce comprises approximately 3.5% of Cardinal Capital Management Inc.'s investment portfolio, making the stock its 7th largest holding. Cardinal Capital Management Inc. owned about 0.15% of Canadian Imperial Bank of Commerce worth $155,368,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CM. NFSG Corp acquired a new position in shares of Canadian Imperial Bank of Commerce during the third quarter valued at about $75,000. Mn Services Vermogensbeheer B.V. raised its holdings in shares of Canadian Imperial Bank of Commerce by 1.0% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 270,176 shares of the bank's stock worth $29,826,000 after acquiring an additional 2,700 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 37.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,050 shares of the bank's stock worth $226,000 after acquiring an additional 557 shares during the last quarter. Fig Financial Advisory Services Inc. ADV acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth about $1,682,000. Finally, Versant Capital Management Inc lifted its position in Canadian Imperial Bank of Commerce by 3.7% in the 3rd quarter. Versant Capital Management Inc now owns 6,054 shares of the bank's stock valued at $667,000 after acquiring an additional 215 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Desjardins downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Tuesday, August 4th. TD Securities reissued a "buy" rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, August 12th. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, August 27th. Royal Bank Of Canada restated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 28th. Finally, Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of "Moderate Buy" and an average price target of $160.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $112.42 on Friday. The company has a fifty day moving average price of $114.68 and a 200-day moving average price of $112.69. The firm has a market cap of $102.62 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 1.11 and a beta of 1.02. 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 $79.65 and a 1 year high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results 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 company had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.74 billion. As a group, equities research analysts predict that Canadian Imperial Bank of Commerce will post 7.60 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th will be paid a C$1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Monday, September 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is 41.26%.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce (CIBC) is a diversified financial institution headquartered in Toronto, Ontario. The bank provides banking, lending, investment, wealth management and capital-markets services to individuals, businesses, institutions and governments.

CIBC's principal business areas include Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. Its offerings include deposit accounts, mortgages, personal and business loans, credit cards, investment products, financial planning, private wealth services, corporate finance, investment banking, advisory services and securities trading.

The institution was formed in 1961 through the merger of the Canadian Bank of Commerce, established in 1867, and the Imperial Bank of Canada, established in 1873.

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