Intact Investment Management Inc. Grows Stock Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Intact Investment Management increased its stake in Canadian Imperial Bank of Commerce by 33.4% in Q4, adding 122,827 shares to hold 490,870 shares (about 0.05% of the company) valued at roughly $44.5 million, making CIBC its 19th largest holding.
• CIBC recently beat quarterly estimates with $1.99 EPS vs. $1.74 expected and revenue of $6.16 billion (up 15.3% year‑over‑year), and it pays a quarterly dividend of $1.07 (annualized yield ~3.8% and payout ratio ~45.8%).

Intact Investment Management Inc. grew its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 33.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 490,870 shares of the bank's stock after acquiring an additional 122,827 shares during the quarter. Canadian Imperial Bank of Commerce accounts for approximately 1.3% of Intact Investment Management Inc.'s holdings, making the stock its 19th largest holding. Intact Investment Management Inc. owned 0.05% of Canadian Imperial Bank of Commerce worth $44,499,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. CIBC Bancorp USA Inc. acquired a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter worth approximately $11,217,000. Mackenzie Financial Corp boosted its stake in Canadian Imperial Bank of Commerce by 1.1% in the 3rd quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank's stock worth $509,763,000 after purchasing an additional 67,738 shares in the last quarter. Cidel Asset Management Inc. boosted its stake in Canadian Imperial Bank of Commerce by 12.2% in the 3rd quarter. Cidel Asset Management Inc. now owns 508,370 shares of the bank's stock worth $40,632,000 after purchasing an additional 55,138 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Canadian Imperial Bank of Commerce by 34.8% in the 3rd quarter. Fisher Asset Management LLC now owns 1,686,816 shares of the bank's stock worth $134,760,000 after purchasing an additional 435,799 shares in the last quarter. Finally, Capital International Investors boosted its stake in Canadian Imperial Bank of Commerce by 2.0% in the 3rd quarter. Capital International Investors now owns 4,138,483 shares of the bank's stock worth $330,704,000 after purchasing an additional 79,591 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Zacks Research cut shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Barclays upgraded Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research note on Thursday, February 19th. Finally, Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday, April 17th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and an average target price of $107.50.

Canadian Imperial Bank of Commerce Stock Up 0.0%

Canadian Imperial Bank of Commerce stock opened at $112.16 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.02. The business's 50-day simple moving average is $100.99 and its two-hundred day simple moving average is $93.55. The company has a market cap of $102.99 billion, a PE ratio of 16.35, a PEG ratio of 1.16 and a beta of 1.05. Canadian Imperial Bank of Commerce has a fifty-two week low of $63.40 and a fifty-two week high of $113.28.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.25. The business had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $5.53 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The company's quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.20 EPS. Equities analysts anticipate that Canadian Imperial Bank of Commerce will post 7.51 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th were paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 3.8%. The ex-dividend date was Friday, March 27th. Canadian Imperial Bank of Commerce's payout ratio is presently 45.77%.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

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