Canadian Imperial Bank of Commerce $CM Stock: Value Partners Investments Inc. Trims Position

Key Points

• Value Partners Investments reduced its CIBC position by 19.7% in the third quarter, selling 93,506 shares and retaining 381,152 shares worth approximately $42.1 million. Institutional investors collectively own 49.88% of the stock.
• Analysts maintain a generally positive outlook, with CIBC carrying a consensus “Moderate Buy” rating and a $160 price target, despite ratings ranging from Strong Buy to Hold.
• CIBC reported quarterly EPS of $1.96, exceeding the $1.80 estimate, and revenue of $5.97 billion. The bank declared a quarterly dividend of C$1.07, equivalent to an annualized yield of approximately 3.8%.

Value Partners Investments Inc. decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 19.7% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 381,152 shares of the bank's stock after selling 93,506 shares during the period. Canadian Imperial Bank of Commerce comprises about 2.9% of Value Partners Investments Inc.'s investment portfolio, making the stock its 18th biggest holding. Value Partners Investments Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $42,105,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CM. Deutsche Bank AG purchased a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter valued at $237,643,000. Mediolanum International Funds Ltd boosted its position in shares of Canadian Imperial Bank of Commerce by 142.8% in the first quarter. Mediolanum International Funds Ltd now owns 142,455 shares of the bank's stock worth $13,086,000 after buying an additional 83,784 shares during the period. Bank of Nova Scotia boosted its position in shares of Canadian Imperial Bank of Commerce by 0.5% in the first quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank's stock worth $1,201,762,000 after buying an additional 57,210 shares during the period. Tacita Capital Inc purchased a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at $1,834,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at $905,393,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Weiss Ratings raised Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Thursday, August 27th. TD Securities reissued a "buy" rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, August 12th. Keefe, Bruyette & Woods assumed coverage on Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They set a "market perform" rating for the company. Desjardins lowered Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Tuesday, August 4th. 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 research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and a consensus price target of $160.00.

Canadian Imperial Bank of Commerce Stock Down 0.6%

Canadian Imperial Bank of Commerce stock traded down $0.72 during trading hours on Monday, hitting $111.76. The company had a trading volume of 528,104 shares, compared to its average volume of 1,292,005. The firm has a market capitalization of $102.02 billion, a P/E ratio of 14.92, a price-to-earnings-growth ratio of 1.11 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. The firm's fifty day moving average is $114.53 and its 200-day moving average is $112.96. Canadian Imperial Bank of Commerce has a fifty-two week low of $80.31 and a fifty-two week 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, topping analysts' consensus estimates of $1.80 by $0.16. The company had revenue of $5.97 billion during 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%. On average, research analysts forecast that Canadian Imperial Bank of Commerce will post 7.60 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Monday, September 28th will be paid a C$1.07 dividend. The ex-dividend date of this dividend is Monday, September 28th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.8%. Canadian Imperial Bank of Commerce's dividend payout ratio is 41.26%.

Canadian Imperial Bank of Commerce 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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