Canadian Imperial Bank of Commerce $CM Stock: MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd Lowers Position

Key Points

• MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd. reduced its CIBC position by 7% in the third quarter, selling 15,306 shares and retaining 204,833 shares valued at approximately $22.6 million. Institutional investors collectively own 49.88% of the bank.
• CIBC reported quarterly earnings of $1.96 per share, exceeding analysts’ $1.80 estimate, while revenue of $5.97 billion also topped expectations.
• The bank pays an annualized dividend of C$4.28 per share, yielding about 3.6%. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $160, compared with a recent share price of $117.61.

MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd cut its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 7.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 204,833 shares of the bank's stock after selling 15,306 shares during the quarter. Canadian Imperial Bank of Commerce makes up 2.9% of MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd's investment portfolio, making the stock its 12th largest position. MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd's holdings in Canadian Imperial Bank of Commerce were worth $22,568,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Generali Asset Management SPA SGR boosted its position 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 worth $1,591,000 after acquiring an additional 497 shares during the last quarter. Lorne Steinberg Wealth Management Inc. grew its stake in Canadian Imperial Bank of Commerce by 1.6% in the 3rd quarter. Lorne Steinberg Wealth Management Inc. now owns 148,948 shares of the bank's stock worth $16,403,000 after acquiring an additional 2,356 shares during the period. Yousif Capital Management LLC acquired a new position in Canadian Imperial Bank of Commerce in the 3rd quarter valued at $216,000. Carter Financial Group INC. raised its holdings in Canadian Imperial Bank of Commerce by 5.8% in the 3rd quarter. Carter Financial Group INC. now owns 2,176 shares of the bank's stock valued at $241,000 after acquiring an additional 120 shares during the last quarter. Finally, Tanager Wealth Management LLP raised its holdings in Canadian Imperial Bank of Commerce by 6.3% in the 3rd quarter. Tanager Wealth Management LLP now owns 2,441 shares of the bank's stock valued at $269,000 after acquiring an additional 145 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $117.61 on Thursday. Canadian Imperial Bank of Commerce has a 1 year low of $81.87 and a 1 year high of $124.86. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a 50 day moving average price of $113.68 and a 200 day moving average price of $108.33. The company has a market cap of $106.78 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 1.12 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, topping 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%. Sell-side analysts predict that Canadian Imperial Bank of Commerce will post 7.60 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 28th. Stockholders of record on Monday, September 28th were issued a dividend of C$1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Monday, September 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 41.26%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CM. Royal Bank Of Canada restated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 28th. Keefe, Bruyette & Woods started coverage on Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. They issued a "market perform" rating for the company. 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. Desjardins downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Tuesday, August 4th. Finally, TD Securities reissued a "buy" rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and an average price target of $160.00.

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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