The Manufacturers Life Insurance Company Cuts Position in Canadian Imperial Bank of Commerce $CM

The Manufacturers Life Insurance Company decreased its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 8.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,123,678 shares of the bank's stock after selling 773,558 shares during the period. Canadian Imperial Bank of Commerce accounts for 0.7% of The Manufacturers Life Insurance Company's portfolio, making the stock its 25th largest position. The Manufacturers Life Insurance Company owned approximately 0.88% of Canadian Imperial Bank of Commerce worth $769,211,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank's stock worth $3,907,078,000 after buying an additional 876,974 shares during the last quarter. FIL Ltd raised its stake in Canadian Imperial Bank of Commerce by 26.1% during the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank's stock valued at $1,156,438,000 after buying an additional 2,643,495 shares during the last quarter. Bank of Nova Scotia raised its position in shares of Canadian Imperial Bank of Commerce by 0.5% in the 1st quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank's stock worth $1,201,762,000 after purchasing an additional 57,210 shares during the last quarter. Cibc World Market Inc. raised its holdings in Canadian Imperial Bank of Commerce by 1.3% in the fourth quarter. Cibc World Market Inc. now owns 12,010,183 shares of the bank's stock worth $1,088,243,000 after buying an additional 158,634 shares during the last quarter. Finally, Mackenzie Financial Corp raised its holdings in Canadian Imperial Bank of Commerce by 69.3% in the 4th quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank's stock worth $986,173,000 after acquiring an additional 4,419,968 shares during the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Raymond James Financial restated a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, July 15th. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Finally, Royal Bank Of Canada increased their price objective on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an "outperform" rating in a research note on Monday, June 1st. Four research analysts have rated the stock with a Buy rating and three 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 an average target price of $167.00.

Canadian Imperial Bank of Commerce Stock Up 0.7%

Shares of CM opened at $118.24 on Tuesday. The business's 50 day moving average is $114.15 and its 200 day moving average is $104.74. The company has a market capitalization of $107.94 billion, a PE ratio of 16.24, a price-to-earnings-growth ratio of 1.27 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 12-month low of $71.00 and a 12-month high of $122.50. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $5.89 billion during the quarter, compared to the consensus estimate of $5.86 billion. During the same period in the prior year, the company posted $2.05 EPS. The firm's revenue for the quarter was up 14.0% compared to the same quarter last year. Research analysts expect that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be given a dividend of $1.07 per share. The ex-dividend date is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.6%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 42.58%.

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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