Westerkirk Capital Inc. Has $236,000 Stock Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Westerkirk Capital sharply cut its stake in Canadian Imperial Bank of Commerce by 93.4% in the fourth quarter, leaving it with 2,597 shares valued at about $236,000.
• CIBC reported strong quarterly results, with earnings of $1.86 per share beating estimates and revenue rising 14% year over year to $5.89 billion.
• The bank also announced a quarterly dividend of $1.07 per share, equal to an annualized yield of about 3.9%, while analysts currently hold a consensus rating of “Hold” with a $167 price target.

Westerkirk Capital Inc. reduced its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 93.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,597 shares of the bank's stock after selling 36,900 shares during the quarter. Westerkirk Capital Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $236,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of CM. Canerector Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 11,021.0% during the 3rd quarter. Canerector Inc. now owns 22,242,000 shares of the bank's stock worth $1,776,913,000 after purchasing an additional 22,042,000 shares in the last quarter. Norges Bank acquired a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $958,383,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Canadian Imperial Bank of Commerce by 10.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,349,841 shares of the bank's stock valued at $826,866,000 after buying an additional 980,811 shares in the last quarter. Vanguard Group Inc. boosted its stake in Canadian Imperial Bank of Commerce by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank's stock valued at $3,907,078,000 after buying an additional 876,974 shares in the last quarter. Finally, Picton Mahoney Asset Management boosted its stake in Canadian Imperial Bank of Commerce by 69.1% in the third quarter. Picton Mahoney Asset Management now owns 1,477,258 shares of the bank's stock valued at $118,022,000 after buying an additional 603,540 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $110.71 on Wednesday. The business's 50-day moving average price is $107.80 and its 200-day moving average price is $98.64. Canadian Imperial Bank of Commerce has a 12 month low of $67.46 and a 12 month high of $117.05. The firm has a market capitalization of $101.06 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 1.17 and a beta of 1.02. 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 announced its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 EPS 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 firm had revenue of $5.89 billion for the quarter, compared to analyst estimates of $5.86 billion. During the same period last year, the firm posted $2.05 earnings per share. The business's revenue for the quarter was up 14.0% on a year-over-year basis. Equities research analysts forecast that Canadian Imperial Bank of Commerce will post 7.43 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be paid a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 43.13%.

Analysts Set New Price Targets

Several research firms recently weighed in on CM. Scotiabank lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Monday, June 1st. Weiss Ratings lowered Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Thursday, June 4th. Royal Bank Of Canada raised their price objective on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an "outperform" rating in a research note on Monday, June 1st. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, June 1st. Finally, Raymond James Financial reaffirmed a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of "Hold" and a consensus target price 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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