Lincluden Management Ltd. Sells 56,464 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• Lincluden Management Ltd. cut its position in Canadian Imperial Bank of Commerce by 14.6%, selling 56,464 shares and retaining 329,398 shares worth about $29.85 million (roughly 3.2% of its portfolio, its 12th largest holding).
• CIBC beat quarterly expectations (EPS $1.99 vs. $1.74; revenue $6.16B vs. $5.53B), recently paid a quarterly dividend of $1.07 (annualized yield ~3.9%), and has a MarketBeat consensus rating of "Moderate Buy" with a $107.50 target.

Lincluden Management Ltd. cut its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 14.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 329,398 shares of the bank's stock after selling 56,464 shares during the quarter. Canadian Imperial Bank of Commerce makes up approximately 3.2% of Lincluden Management Ltd.'s investment portfolio, making the stock its 12th largest holding. Lincluden Management Ltd.'s holdings in Canadian Imperial Bank of Commerce were worth $29,847,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. CIBC Bancorp USA Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce during the third quarter valued at about $11,217,000. JARISLOWSKY FRASER Ltd increased its holdings in shares of Canadian Imperial Bank of Commerce by 21.3% during the third quarter. JARISLOWSKY FRASER Ltd now owns 55,674 shares of the bank's stock valued at $4,450,000 after acquiring an additional 9,771 shares in the last quarter. Mackenzie Financial Corp increased its holdings in shares of Canadian Imperial Bank of Commerce by 1.1% during the third quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank's stock valued at $509,763,000 after acquiring an additional 67,738 shares in the last quarter. Cidel Asset Management Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 12.2% during the third quarter. Cidel Asset Management Inc. now owns 508,370 shares of the bank's stock valued at $40,632,000 after acquiring an additional 55,138 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 34.8% during the third quarter. Fisher Asset Management LLC now owns 1,686,816 shares of the bank's stock valued at $134,760,000 after acquiring an additional 435,799 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Barclays upgraded shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a report on Thursday, February 19th. Weiss Ratings downgraded shares of Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a report on Friday, April 17th. Finally, Zacks Research upgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of "Moderate Buy" and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Trading Down 0.8%

Canadian Imperial Bank of Commerce stock opened at $109.45 on Wednesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. Canadian Imperial Bank of Commerce has a 12 month low of $61.67 and a 12 month high of $110.91. The stock's 50 day simple moving average is $100.51 and its two-hundred day simple moving average is $93.14. The firm has a market cap of $100.51 billion, a PE ratio of 15.96, a P/E/G ratio of 1.14 and a beta of 1.00.

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

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 28th. Stockholders of record on Friday, March 27th were given a dividend of $1.07 per share. The ex-dividend date was Friday, March 27th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.9%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 45.77%.

Canadian Imperial Bank of Commerce Company 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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