Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Canadian Imperial Bank of Commerce by 12.6%, now holding 9,405,853 shares valued at approximately $529 million.
• Two analysts upgraded and two downgraded the stock's ratings recently, with an average consensus price target of $109.00 and a current rating of "Moderate Buy."
• The bank's latest quarterly earnings report showed earnings per share (EPS) of $1.44, beating estimates, and announced a quarterly dividend of $0.7024, representing a yield of 3.9%.

Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 12.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,405,853 shares of the bank's stock after selling 1,351,529 shares during the quarter. Canadian Imperial Bank of Commerce accounts for 2.3% of Connor Clark & Lunn Investment Management Ltd.'s investment portfolio, making the stock its 5th largest position. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.00% of Canadian Imperial Bank of Commerce worth $529,190,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Renaissance Technologies LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 38.2% in the 4th quarter. Renaissance Technologies LLC now owns 426,728 shares of the bank's stock valued at $26,982,000 after purchasing an additional 117,900 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $24,997,000. Townsquare Capital LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $238,000. BTG Pactual Asset Management US LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $1,271,000. Finally, Barclays PLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 106.4% in the 4th quarter. Barclays PLC now owns 49,885 shares of the bank's stock valued at $3,154,000 after purchasing an additional 25,712 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM traded up $0.68 during midday trading on Friday, hitting $72.64. The company had a trading volume of 1,121,051 shares, compared to its average volume of 1,342,344. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. Canadian Imperial Bank of Commerce has a twelve month low of $50.49 and a twelve month high of $74.63. The business has a 50-day simple moving average of $71.06 and a two-hundred day simple moving average of $64.39. The firm has a market capitalization of $67.67 billion, a price-to-earnings ratio of 12.77, a price-to-earnings-growth ratio of 1.58 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating the consensus estimate of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The firm had revenue of $5.09 billion during the quarter, compared to analysts' expectations of $4.78 billion. During the same quarter last year, the business earned $1.75 earnings per share. The business's revenue for the quarter was up 13.9% compared to the same quarter last year. Equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 28th. Investors of record on Friday, June 27th were paid a $0.7024 dividend. This represents a $2.81 annualized dividend and a dividend yield of 3.9%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date was Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 49.56%.

Analysts Set New Price Targets

CM has been the topic of a number of analyst reports. Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Royal Bank Of Canada increased their target price on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Finally, Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and a consensus target price of $109.00.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.