Canadian Imperial Bank of Commerce $CM Position Lessened by Letko Brosseau & Associates Inc.

Key Points

• Letko Brosseau & Associates cut its Canadian Imperial Bank of Commerce stake by 4.2% in the fourth quarter, selling 79,340 shares and leaving it with 1.81 million shares valued at about $164.5 million.
• Other institutional investors were mixed on CIBC, with some adding to positions and institutional ownership overall standing at 49.88% of the company.
• CIBC reported better-than-expected earnings of $1.86 per share on revenue of $5.89 billion, and the bank also announced a quarterly dividend of $1.07 per share, implying a 3.9% yield.

Letko Brosseau & Associates Inc. decreased its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 4.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,812,262 shares of the bank's stock after selling 79,340 shares during the period. Canadian Imperial Bank of Commerce accounts for 2.7% of Letko Brosseau & Associates Inc.'s portfolio, making the stock its 14th largest position. Letko Brosseau & Associates Inc. owned approximately 0.20% of Canadian Imperial Bank of Commerce worth $164,508,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. CIBC Bancorp USA Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth approximately $11,217,000. Mackenzie Financial Corp lifted its holdings in shares of Canadian Imperial Bank of Commerce by 1.1% in the 3rd quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank's stock worth $509,763,000 after purchasing an additional 67,738 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Canadian Imperial Bank of Commerce by 2.0% in the 4th quarter. Legal & General Group Plc now owns 6,475,253 shares of the bank's stock worth $587,790,000 after purchasing an additional 125,069 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 34.8% in the 3rd quarter. Fisher Asset Management LLC now owns 1,686,816 shares of the bank's stock worth $134,760,000 after purchasing an additional 435,799 shares during the last quarter. Finally, Intech Investment Management LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 6.5% in the 4th quarter. Intech Investment Management LLC now owns 343,828 shares of the bank's stock worth $31,211,000 after purchasing an additional 21,078 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a report on Thursday, June 4th. Raymond James Financial reissued a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Barclays reissued an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Royal Bank Of Canada lifted their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an "outperform" rating in a research note on Monday, June 1st. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of "Hold" and an average target price of $167.00.

Canadian Imperial Bank of Commerce Stock Up 1.1%

Shares of Canadian Imperial Bank of Commerce stock opened at $110.71 on Wednesday. The business's fifty day moving average price is $107.80 and its two-hundred day moving average price is $98.64. 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 $101.06 billion, a P/E ratio of 15.21, a PEG ratio of 1.17 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 1-year low of $67.46 and a 1-year high of $117.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.08. The firm had revenue of $5.89 billion for the quarter, compared to the consensus estimate of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The firm's revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.05 EPS. As a group, research analysts forecast that Canadian Imperial Bank of Commerce will post 7.43 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be paid a dividend of $1.07 per share. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 annualized dividend and a yield of 3.9%. Canadian Imperial Bank of Commerce's payout ratio is presently 43.13%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

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