Canadian Imperial Bank of Commerce $CM Position Cut by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management cut its CIBC position by 41% in the third quarter, selling 155,972 shares and retaining 224,764 shares valued at approximately $24.8 million.
• Institutional ownership remains significant at 49.88%, while several other investment firms increased their CIBC holdings during the quarter.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $160. CIBC also exceeded quarterly earnings and revenue estimates and pays an annualized dividend of C$4.28, yielding about 3.7%.

Cidel Asset Management Inc. lessened its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 41.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 224,764 shares of the bank's stock after selling 155,972 shares during the period. Canadian Imperial Bank of Commerce comprises 1.2% of Cidel Asset Management Inc.'s portfolio, making the stock its 23rd largest position. Cidel Asset Management Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $24,812,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in CM. Summit Global Investments increased its position in shares of Canadian Imperial Bank of Commerce by 11.1% during the 3rd quarter. Summit Global Investments now owns 2,371 shares of the bank's stock valued at $261,000 after purchasing an additional 236 shares during the period. Aprio Wealth Management LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 7.0% in the 3rd quarter. Aprio Wealth Management LLC now owns 1,959 shares of the bank's stock worth $216,000 after buying an additional 129 shares in the last quarter. State of Wyoming lifted its holdings in shares of Canadian Imperial Bank of Commerce by 1.7% in the third quarter. State of Wyoming now owns 10,240 shares of the bank's stock valued at $1,130,000 after buying an additional 170 shares during the period. Cranbrook Wealth Management LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter valued at $105,000. Finally, Generali Asset Management SPA SGR boosted its stake in Canadian Imperial Bank of Commerce by 3.6% during the third quarter. Generali Asset Management SPA SGR now owns 14,440 shares of the bank's stock valued at $1,591,000 after buying an additional 497 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Keefe, Bruyette & Woods began coverage on Canadian Imperial Bank of Commerce in a report on Friday, August 21st. They set a "market perform" rating on the stock. Desjardins cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Tuesday, August 4th. Barclays restated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. Weiss Ratings raised Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, August 27th. Finally, TD Securities reaffirmed a "buy" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. 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 stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $160.00.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $116.63 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $105.89 billion, a PE ratio of 15.57, a price-to-earnings-growth ratio of 1.15 and a beta of 1.02. Canadian Imperial Bank of Commerce has a one year low of $81.87 and a one year high of $124.86. The business has a 50 day simple moving average of $113.71 and a 200 day simple moving average of $108.59.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings results on Thursday, August 27th. The bank reported $1.96 EPS for the quarter, beating the consensus estimate 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 business had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.74 billion. On average, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 7.60 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th were paid a C$1.07 dividend. The ex-dividend date of this dividend was 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%.

Canadian Imperial Bank of Commerce Company 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 governments through its Canadian and U.S. operations.

CIBC's main businesses include personal and business banking, commercial banking, wealth management, and capital markets. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment and advisory services, and financial planning.

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