TD Asset Management Inc Decreases Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• TD Asset Management Inc decreased its stake in the Canadian Imperial Bank of Commerce by 2.2% in Q2, now holding 22,503,085 shares, which represents about 1.4% of its portfolio.
• The Canadian Imperial Bank of Commerce recently increased its quarterly dividend to $0.97 per share, up from $0.70, resulting in an annualized yield of 4.8%.
• Analysts have mixed views on the bank, with four buy ratings and two sell ratings, and a consensus price target of $107.50.

TD Asset Management Inc lessened its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 2.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,503,085 shares of the bank's stock after selling 508,064 shares during the quarter. Canadian Imperial Bank of Commerce makes up approximately 1.4% of TD Asset Management Inc's portfolio, making the stock its 13th biggest position. TD Asset Management Inc owned 2.42% of Canadian Imperial Bank of Commerce worth $1,594,099,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CM. HM Payson & Co. bought a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter worth about $29,000. TruNorth Capital Management LLC boosted its holdings in Canadian Imperial Bank of Commerce by 156.0% in the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after acquiring an additional 312 shares in the last quarter. Truvestments Capital LLC purchased a new position in Canadian Imperial Bank of Commerce during the 1st quarter valued at $32,000. Ameritas Advisory Services LLC bought a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth $34,000. Finally, Private Trust Co. NA boosted its stake in shares of Canadian Imperial Bank of Commerce by 40.0% during the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after purchasing an additional 223 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on CM. Weiss Ratings restated a "buy (b)" rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th. Wall Street Zen cut shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Saturday, October 4th. Finally, Royal Bank Of Canada upped their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Trading Up 0.7%

NYSE:CM opened at $80.39 on Tuesday. The stock has a market cap of $74.73 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.70 and a beta of 1.03. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. The company's 50 day moving average price is $77.49 and its 200-day moving average price is $70.25. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $82.23.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings data 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 net margin of 12.94% and a return on equity of 14.67%. The company had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.12 billion. During the same period in the previous year, the business earned $1.93 EPS. The firm's revenue for the quarter was up 3.3% on a year-over-year basis. On average, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be issued a dividend of $0.97 per share. The ex-dividend date of this dividend is Monday, September 29th. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. This represents a $3.88 dividend on an annualized basis and a dividend yield of 4.8%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 47.64%.

About Canadian Imperial Bank of Commerce

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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