TD Asset Management Inc Lowers Stock Holdings in Canadian Imperial Bank of Commerce $CM

Key Points

• TD Asset Management trimmed its stake in Canadian Imperial Bank of Commerce by 0.2% in the fourth quarter, selling 52,289 shares and still holding 22.7 million shares valued at about $2.06 billion.
• CIBC reported strong quarterly results, with earnings of $1.86 per share topping estimates and revenue of $5.89 billion, up 14% year over year.
• The bank also declared a quarterly dividend of $1.07 per share, implying an annualized yield of 4.0%, while analysts maintain a consensus rating of Moderate Buy with an average price target of $167.

TD Asset Management Inc reduced its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 0.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,700,518 shares of the bank's stock after selling 52,289 shares during the quarter. Canadian Imperial Bank of Commerce accounts for 1.7% of TD Asset Management Inc's portfolio, making the stock its 9th biggest holding. TD Asset Management Inc owned about 2.45% of Canadian Imperial Bank of Commerce worth $2,060,638,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CM. Sivia Capital Partners LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at $262,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 12.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank's stock valued at $128,000 after purchasing an additional 193 shares in the last quarter. Brown Advisory Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 2.6% during the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank's stock valued at $445,000 after purchasing an additional 160 shares in the last quarter. Qube Research & Technologies Ltd lifted its holdings in shares of Canadian Imperial Bank of Commerce by 74.6% during the second quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank's stock valued at $23,833,000 after purchasing an additional 143,588 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 7,315.0% during the second quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank's stock valued at $210,000 after purchasing an additional 2,926 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Down 1.0%

CM stock opened at $107.47 on Thursday. Canadian Imperial Bank of Commerce has a fifty-two week low of $67.38 and a fifty-two week high of $117.05. The business's 50-day moving average is $106.65 and its two-hundred day moving average is $97.97. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $98.31 billion, a price-to-earnings ratio of 14.76, a P/E/G ratio of 1.16 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating analysts' consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The company had revenue of $5.89 billion for the quarter, compared to the consensus estimate of $5.86 billion. During the same quarter in the prior year, the company earned $2.05 earnings per share. Canadian Imperial Bank of Commerce's revenue was up 14.0% on a year-over-year basis. As a group, analysts forecast that Canadian Imperial Bank of Commerce will post 7.43 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be issued a $1.07 dividend. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a yield of 4.0%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 43.13%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CM. Jefferies Financial Group reaffirmed a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Weiss Ratings raised Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a report on Friday, May 22nd. Raymond James Financial reaffirmed a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Royal Bank Of Canada increased their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an "outperform" rating in a report on Monday. Finally, Zacks Research downgraded Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of "Moderate Buy" and an average price target of $167.00.

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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