Lincluden Management Ltd. Lowers Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Lincluden Management Ltd. lessened its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 11.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 442,363 shares of the bank's stock after selling 59,435 shares during the quarter. Canadian Imperial Bank of Commerce comprises 3.2% of Lincluden Management Ltd.'s investment portfolio, making the stock its 11th largest position. Lincluden Management Ltd.'s holdings in Canadian Imperial Bank of Commerce were worth $24,885,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Ninepoint Partners LP purchased a new position in shares of Canadian Imperial Bank of Commerce during the first quarter valued at approximately $2,827,000. Y Intercept Hong Kong Ltd purchased a new stake in Canadian Imperial Bank of Commerce in the first quarter worth $328,000. Allianz Asset Management GmbH grew its stake in Canadian Imperial Bank of Commerce by 13.7% in the first quarter. Allianz Asset Management GmbH now owns 78,376 shares of the bank's stock worth $4,408,000 after purchasing an additional 9,426 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Canadian Imperial Bank of Commerce by 4.5% in the first quarter. Massachusetts Financial Services Co. MA now owns 116,110 shares of the bank's stock worth $6,537,000 after purchasing an additional 4,996 shares during the period. Finally, Asahi Life Asset Management CO. LTD. purchased a new stake in Canadian Imperial Bank of Commerce in the first quarter worth $390,000. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Up 0.3%

CM traded up $0.23 during trading hours on Friday, reaching $73.99. 931,016 shares of the company's stock traded hands, compared to its average volume of 1,218,254. Canadian Imperial Bank of Commerce has a 52-week low of $47.55 and a 52-week high of $74.63. The firm has a market capitalization of $68.92 billion, a PE ratio of 13.00, a PEG ratio of 1.60 and a beta of 1.05. The firm has a 50-day moving average price of $70.11 and a 200 day moving average price of $63.71. 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 (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, topping 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 firm had revenue of $5.09 billion during the quarter, compared to analysts' expectations of $4.78 billion. During the same period in the prior year, the business posted $1.75 EPS. The firm's quarterly revenue was up 13.9% on a year-over-year basis. As a group, sell-side 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 business also recently announced 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 is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 3.80%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 49.56%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CM. Royal Bank Of Canada increased their target price on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. National Bank Financial cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Wall Street Zen cut Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Scotiabank began coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating on the stock. Finally, Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $109.00.

Canadian Imperial Bank of Commerce Company 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.