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

Intact Investment Management Inc. decreased its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 0.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,548,123 shares of the bank's stock after selling 12,000 shares during the period. Canadian Imperial Bank of Commerce comprises approximately 3.0% of Intact Investment Management Inc.'s holdings, making the stock its 2nd largest position. Intact Investment Management Inc. owned about 0.16% of Canadian Imperial Bank of Commerce worth $87,098,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank's stock valued at $2,491,431,000 after acquiring an additional 749,843 shares during the period. TD Asset Management Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 3.7% during the 4th quarter. TD Asset Management Inc. now owns 23,600,495 shares of the bank's stock valued at $1,492,138,000 after acquiring an additional 851,164 shares during the period. Toronto Dominion Bank boosted its holdings in Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock worth $1,398,619,000 after buying an additional 234,088 shares during the period. FIL Ltd boosted its holdings in Canadian Imperial Bank of Commerce by 53.6% in the 4th quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock worth $783,613,000 after buying an additional 4,321,451 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank's stock worth $679,613,000 after buying an additional 115,884 shares during the period. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Up 0.6%

Shares of NYSE CM traded up $0.42 during midday trading on Friday, reaching $68.88. 1,339,625 shares of the company's stock traded hands, compared to its average volume of 1,108,776. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. The stock's 50 day simple moving average is $65.07 and its 200-day simple moving average is $62.40. Canadian Imperial Bank of Commerce has a one year low of $47.11 and a one year high of $69.88. The company has a market cap of $64.76 billion, a price-to-earnings ratio of 12.11, a P/E/G ratio of 1.49 and a beta of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued 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 return on equity of 14.51% and a net margin of 12.19%. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same quarter in the prior year, the business posted $1.75 EPS. The business's revenue for the quarter was up 13.9% compared to the same quarter last year. On average, analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.7024 per share. This represents a $2.81 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 47.10%.

Wall Street Analyst Weigh In

Several research analysts have commented on CM shares. Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, May 24th. National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. BMO Capital Markets upped their target price 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. Finally, Scotiabank initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating on the stock. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $109.00.

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.