Canadian Imperial Bank of Commerce $CM Stock: TD Waterhouse Canada Inc. Cuts Holdings

Key Points

• TD Waterhouse Canada reduced its CIBC stake by 0.3%, selling 27,980 shares, but still held 8.45 million shares worth approximately $923.6 million. Institutional investors and hedge funds own 49.88% of CIBC.
• CIBC reported quarterly earnings of $1.96 per share, exceeding analyst expectations of $1.80, while revenue of $5.97 billion also topped estimates.
• The bank declared a quarterly dividend of C$1.07 per share, equivalent to an annualized C$4.28 payout and a 3.8% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $160.

TD Waterhouse Canada Inc. cut its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 0.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,447,389 shares of the bank's stock after selling 27,980 shares during the quarter. Canadian Imperial Bank of Commerce accounts for 2.4% of TD Waterhouse Canada Inc.'s portfolio, making the stock its 7th largest holding. TD Waterhouse Canada Inc. owned 0.93% of Canadian Imperial Bank of Commerce worth $923,592,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also 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 purchased a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter valued at $1,297,567,000. Canada Pension Plan Investment Board acquired a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at $927,219,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at $916,774,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at $905,393,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Up 0.1%

Shares of CM traded up $0.16 during mid-day trading on Friday, reaching $112.42. The company's stock had a trading volume of 931,702 shares, compared to its average volume of 1,431,821. The company has a market cap of $102.62 billion, a price-to-earnings ratio of 15.01, a price-to-earnings-growth ratio of 1.11 and a beta of 1.02. The business has a fifty day moving average of $114.68 and a 200 day moving average of $112.69. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 1 year low of $79.65 and a 1 year high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $5.74 billion. As a group, analysts forecast that Canadian Imperial Bank of Commerce will post 7.60 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th will be given a dividend of C$1.07 per share. The ex-dividend date is Monday, September 28th. This represents a $4.28 dividend on an annualized basis and a yield of 3.8%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 41.26%.

Analyst Upgrades and Downgrades

Several research firms have 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 shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. They issued a "market perform" rating for the company. TD Securities reissued a "buy" rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th. Desjardins downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Tuesday, August 4th. Finally, Barclays restated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $160.00.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce (CIBC) is a diversified financial institution headquartered in Toronto, Ontario. The bank provides banking, lending, investment, wealth management and capital-markets services to individuals, businesses, institutions and governments.

CIBC's principal business areas include Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. Its offerings include deposit accounts, mortgages, personal and business loans, credit cards, investment products, financial planning, private wealth services, corporate finance, investment banking, advisory services and securities trading.

The institution was formed in 1961 through the merger of the Canadian Bank of Commerce, established in 1867, and the Imperial Bank of Canada, established in 1873.

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