TD Asset Management Inc Lowers Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• TD Asset Management Inc has reduced its stake in Canadian Imperial Bank of Commerce by 2.5%, now owning approximately 23 million shares, which represent 1.2% of its portfolio.
• The bank recently announced a quarterly dividend increase to $0.7024 per share, reflecting an annual yield of 3.80% and a payout ratio of 49.56%.
• Analyst ratings are mixed, with one brokerage lowering their rating to "sell" while others maintain a consensus rating of "Hold" and price targets ranging from $102.00 to $116.00.

TD Asset Management Inc reduced its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 2.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,011,149 shares of the bank's stock after selling 589,346 shares during the period. Canadian Imperial Bank of Commerce makes up about 1.2% of TD Asset Management Inc's holdings, making the stock its 13th largest holding. TD Asset Management Inc owned about 2.45% of Canadian Imperial Bank of Commerce worth $1,294,254,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Toronto Dominion Bank lifted its position in Canadian Imperial Bank of Commerce by 1.1% in the fourth quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock valued at $1,398,619,000 after acquiring an additional 234,088 shares during the last quarter. FIL Ltd increased its position in shares of Canadian Imperial Bank of Commerce by 53.6% during the fourth quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock worth $783,613,000 after purchasing an additional 4,321,451 shares in the last quarter. Norges Bank acquired a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth about $570,477,000. JPMorgan Chase & Co. boosted its position in shares of Canadian Imperial Bank of Commerce by 37.3% in the 4th quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank's stock valued at $508,566,000 after purchasing an additional 2,185,262 shares during the period. Finally, Mackenzie Financial Corp lifted its stake in Canadian Imperial Bank of Commerce by 41.1% in the fourth quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock valued at $431,952,000 after buying an additional 1,990,520 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

CM traded down $0.02 during trading on Monday, reaching $73.95. The company's stock had a trading volume of 1,088,704 shares, compared to its average volume of 1,184,672. The company's fifty day moving average price is $70.11 and its 200-day moving average price is $63.71. Canadian Imperial Bank of Commerce has a 52-week low of $47.55 and a 52-week high of $74.63. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $68.89 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 1.60 and a beta of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same period last year, the firm earned $1.75 EPS. The company's revenue for the quarter was up 13.9% on a year-over-year basis. On average, equities 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 business also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be given a dividend of $0.7024 per share. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 annualized dividend and a dividend yield of 3.80%. The ex-dividend date is Friday, June 27th. Canadian Imperial Bank of Commerce's payout ratio is currently 49.56%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CM. National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. BMO Capital Markets increased their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Wall Street Zen lowered Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. Finally, Royal Bank Of Canada increased their price objective on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Hold" and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce 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.