Canadian Imperial Bank of Commerce (NYSE:CM) Stake Cut by Intact Investment Management Inc.

Intact Investment Management Inc. lessened its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 0.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,548,123 shares of the bank's stock after selling 12,000 shares during the quarter. Canadian Imperial Bank of Commerce makes up 3.0% of Intact Investment Management Inc.'s holdings, making the stock its 2nd biggest holding. Intact Investment Management Inc. owned approximately 0.16% of Canadian Imperial Bank of Commerce worth $87,098,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $570,477,000. Capital International Investors bought a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at about $424,386,000. FIL Ltd increased its holdings in Canadian Imperial Bank of Commerce by 53.6% in the fourth quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock worth $783,613,000 after purchasing an additional 4,321,451 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Canadian Imperial Bank of Commerce by 37.3% during the 4th quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank's stock worth $508,566,000 after buying an additional 2,185,262 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in Canadian Imperial Bank of Commerce by 41.1% during the fourth quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock worth $431,952,000 after acquiring an additional 1,990,520 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. National Bank Financial cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Royal Bank Of Canada lifted their price objective on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a report on Friday, May 30th. BMO Capital Markets raised their price target on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, May 24th. Finally, Jefferies Financial Group lowered Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of "Moderate Buy" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM traded up $0.59 on Tuesday, reaching $70.25. 1,242,641 shares of the company's stock traded hands, compared to its average volume of 1,103,131. The stock has a 50-day simple moving average of $65.30 and a 200 day simple moving average of $62.39. Canadian Imperial Bank of Commerce has a 12 month low of $47.11 and a 12 month high of $70.86. The stock has a market cap of $66.04 billion, a PE ratio of 12.35, a P/E/G ratio of 1.51 and a beta of 1.05. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same quarter last year, the company earned $1.75 EPS. The firm's revenue for the quarter was up 13.9% on a year-over-year basis. As a group, research analysts predict 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 will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be paid a $0.7024 dividend. This represents a $2.81 annualized dividend and a dividend yield of 4.00%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 47.10%.

About Canadian Imperial Bank of Commerce

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.