Cidel Asset Management Inc. Has $32.11 Million Stock Holdings in Canadian Imperial Bank of Commerce $CM

Key Points

• Cidel Asset Management Inc. has increased its stake in Canadian Imperial Bank of Commerce by 2.1%, bringing its total holdings to approximately $32.11 million, making it the firm's 15th largest position.
• Several institutional investors have recently raised their stakes in the bank, including Goldman Sachs Group, which increased its ownership by 405.5% during the first quarter.
• The bank announced a quarterly dividend of $0.97, up from the previous $0.70, reflecting a 4.8% dividend yield.

Cidel Asset Management Inc. raised its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 2.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 453,232 shares of the bank's stock after purchasing an additional 9,410 shares during the quarter. Canadian Imperial Bank of Commerce accounts for approximately 1.9% of Cidel Asset Management Inc.'s investment portfolio, making the stock its 15th biggest position. Cidel Asset Management Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $32,107,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of CM. Goldman Sachs Group Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce by 405.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank's stock valued at $292,032,000 after acquiring an additional 4,160,938 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Canadian Imperial Bank of Commerce by 31.6% in the 1st quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock valued at $595,762,000 after acquiring an additional 2,538,808 shares during the last quarter. Nuveen LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the 1st quarter valued at $124,797,000. Canada Pension Plan Investment Board lifted its stake in shares of Canadian Imperial Bank of Commerce by 23.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 6,055,999 shares of the bank's stock valued at $340,721,000 after acquiring an additional 1,133,715 shares during the last quarter. Finally, Public Sector Pension Investment Board lifted its stake in shares of Canadian Imperial Bank of Commerce by 27.2% in the 1st quarter. Public Sector Pension Investment Board now owns 4,681,008 shares of the bank's stock valued at $263,281,000 after acquiring an additional 1,000,400 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CM shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, Royal Bank Of Canada boosted their target price on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a research report on Friday, August 29th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at $80.28 on Friday. The company has a market capitalization of $74.63 billion, a P/E ratio of 13.56, a price-to-earnings-growth ratio of 1.71 and a beta of 1.03. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $82.23. The business has a 50-day simple moving average of $78.17 and a two-hundred day simple moving average of $70.81.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.12 billion. During the same quarter in the previous year, the business earned $1.93 EPS. The company's revenue was up 3.3% compared to the same quarter last year. Research analysts expect 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 announced a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be paid a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Monday, September 29th. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 47.64%.

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.

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