Cidel Asset Management Inc. Sells 4,967 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Cidel Asset Management Inc. reduced its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 1.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 443,822 shares of the bank's stock after selling 4,967 shares during the period. Canadian Imperial Bank of Commerce makes up about 1.6% of Cidel Asset Management Inc.'s investment portfolio, making the stock its 18th largest position. Cidel Asset Management Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $24,963,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CM. Operose Advisors LLC acquired a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $26,000. SBI Securities Co. Ltd. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $30,000. Sandy Spring Bank bought a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $32,000. IFP Advisors Inc raised its stake in shares of Canadian Imperial Bank of Commerce by 318.1% in the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank's stock valued at $34,000 after purchasing an additional 404 shares in the last quarter. Finally, Lee Danner & Bass Inc. bought a new position in Canadian Imperial Bank of Commerce in the fourth quarter worth $44,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM traded up $0.35 during trading hours on Thursday, hitting $72.06. The stock had a trading volume of 641,489 shares, compared to its average volume of 1,140,385. The stock has a market capitalization of $67.75 billion, a price-to-earnings ratio of 12.66, a P/E/G ratio of 1.54 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. The company's fifty day moving average is $66.92 and its two-hundred day moving average is $62.64. Canadian Imperial Bank of Commerce has a 52 week low of $47.55 and a 52 week high of $72.81.

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

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be issued a dividend of $0.7024 per share. This represents a $2.81 dividend on an annualized basis and a yield of 3.90%. This is a boost 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 currently 49.56%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. 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. BMO Capital Markets lifted 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. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, May 24th. Royal Bank Of Canada raised their price target on shares of 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. Finally, Scotiabank started coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average 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.