Canadian Imperial Bank of Commerce $CM Shares Sold by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management cut its holding in Canadian Imperial Bank of Commerce by 40.2% in Q4, selling 204,288 shares and retaining 304,082 shares worth about $27.6 million (roughly 2.0% of Cidel’s portfolio and its 12th-largest holding).
• CIBC beat Q results with EPS of $1.99 versus $1.74 expected and revenue of $6.16 billion (up 15.3% year-over-year); the stock trades around $96 with a market cap near $88.3 billion and a P/E of ~14. The bank pays a quarterly dividend of $1.07 (annualized $4.28, yield ~4.4%, ex-dividend Mar 27) and holds a consensus analyst rating of Moderate Buy with a $107.50 target.

Cidel Asset Management Inc. lessened its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 40.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 304,082 shares of the bank's stock after selling 204,288 shares during the period. Canadian Imperial Bank of Commerce accounts for about 2.0% of Cidel Asset Management Inc.'s investment portfolio, making the stock its 12th biggest holding. Cidel Asset Management Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $27,603,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Signaturefd LLC raised its stake in Canadian Imperial Bank of Commerce by 0.9% during the 4th quarter. Signaturefd LLC now owns 23,381 shares of the bank's stock valued at $2,119,000 after acquiring an additional 217 shares in the last quarter. Stratos Wealth Partners LTD. increased its holdings in shares of Canadian Imperial Bank of Commerce by 3.9% during the fourth quarter. Stratos Wealth Partners LTD. now owns 6,657 shares of the bank's stock valued at $603,000 after purchasing an additional 249 shares during the period. FNY Investment Advisers LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at about $697,000. Five Oceans Advisors raised its stake in shares of Canadian Imperial Bank of Commerce by 15.3% during the fourth quarter. Five Oceans Advisors now owns 3,675 shares of the bank's stock valued at $333,000 after purchasing an additional 488 shares in the last quarter. Finally, Lodestone Wealth Management LLC acquired a new stake in Canadian Imperial Bank of Commerce in the fourth quarter worth about $37,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $96.21 on Monday. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $105.00. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. The stock has a market cap of $88.34 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 1.00 and a beta of 1.00. The company's 50-day moving average price is $96.83 and its two-hundred day moving average price is $90.11.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings data on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. The company had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $5.53 billion. During the same quarter in the previous year, the company posted $2.20 EPS. The business's revenue was up 15.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 28th. Stockholders of record on Friday, March 27th will be given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Friday, March 27th. Canadian Imperial Bank of Commerce's dividend payout ratio is 45.77%.

Analyst Upgrades and Downgrades

CM has been the topic of several research analyst reports. Barclays raised shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research note on Thursday, February 19th. Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a report on Tuesday, March 10th. Finally, Zacks Research upgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 4th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of "Moderate Buy" and a consensus target price of $107.50.

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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