Canadian Imperial Bank of Commerce $CM Stock: Guardian Partners Inc. Reduces Holdings

Key Points

• Guardian Partners reduced its CIBC stake by 3.5% in the third quarter, selling 11,714 shares and retaining 326,868 shares valued at approximately $36.1 million. Institutional investors own about 49.9% of the stock.
• Analyst sentiment remains positive overall, with CIBC carrying a “Moderate Buy” consensus rating and an average price target of $160, despite one recent downgrade to “Hold.”
• CIBC shares rose 1.7% to $115.12, while the bank reported quarterly EPS and revenue above expectations. It also declared a quarterly dividend of C$1.07 per share, representing a 3.7% annualized yield.

Guardian Partners Inc. lowered its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 3.5% during the third quarter, according to its most recent filing with the SEC. The firm owned 326,868 shares of the bank's stock after selling 11,714 shares during the period. Canadian Imperial Bank of Commerce accounts for approximately 3.2% of Guardian Partners Inc.'s portfolio, making the stock its 5th largest position. Guardian Partners Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $36,083,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of CM. Cibc World Market Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth $1,342,850,000. Bank of Nova Scotia acquired a new position in Canadian Imperial Bank of Commerce in the second quarter valued at $1,297,567,000. TD Waterhouse Canada Inc. boosted its position in Canadian Imperial Bank of Commerce by 4.1% during the second quarter. TD Waterhouse Canada Inc. now owns 8,475,369 shares of the bank's stock valued at $985,227,000 after acquiring an additional 337,620 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at $927,219,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at $916,774,000. 49.88% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on CM. Keefe, Bruyette & Woods assumed coverage on Canadian Imperial Bank of Commerce in a report on Friday, August 21st. They set a "market perform" rating for 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. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Thursday, August 27th. Barclays restated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of "Moderate Buy" and a consensus target price of $160.00.

Canadian Imperial Bank of Commerce Trading Up 1.7%

Shares of NYSE:CM traded up $1.97 during mid-day trading on Wednesday, hitting $115.12. The company had a trading volume of 202,540 shares, compared to its average volume of 1,282,618. The firm has a fifty day moving average price of $114.41 and a 200 day moving average price of $113.08. The company has a market capitalization of $105.09 billion, a PE ratio of 15.36, a price-to-earnings-growth ratio of 1.10 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 one year low of $80.75 and a one year high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.80 by $0.16. The company had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.74 billion. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. As a group, research analysts forecast that Canadian Imperial Bank of Commerce will post 7.60 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Monday, September 28th will be issued a dividend of C$1.07 per share. The ex-dividend date is Monday, September 28th. This represents a $4.28 annualized dividend and a dividend yield of 3.7%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 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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