Canadian Imperial Bank of Commerce (NYSE:CM) Shares Acquired by Cidel Asset Management Inc.

Cidel Asset Management Inc. lifted its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 15.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 565,107 shares of the bank’s stock after buying an additional 75,492 shares during the period. Canadian Imperial Bank of Commerce makes up approximately 2.6% of Cidel Asset Management Inc.’s portfolio, making the stock its 11th largest position. Cidel Asset Management Inc. owned about 0.13% of Canadian Imperial Bank of Commerce worth $64,396,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CM. O Shaughnessy Asset Management LLC increased its holdings in Canadian Imperial Bank of Commerce by 6,770.5% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 111,233 shares of the bank’s stock valued at $10,881,000 after purchasing an additional 109,614 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in Canadian Imperial Bank of Commerce in the 1st quarter valued at approximately $14,977,000. Ethic Inc. acquired a new stake in Canadian Imperial Bank of Commerce in the 1st quarter valued at approximately $256,000. Quadrant Capital Group LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 6.8% in the second quarter. Quadrant Capital Group LLC now owns 2,014 shares of the bank’s stock worth $229,000 after acquiring an additional 128 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Canadian Imperial Bank of Commerce by 12.6% in the first quarter. JPMorgan Chase & Co. now owns 2,021,735 shares of the bank’s stock worth $197,869,000 after acquiring an additional 226,650 shares in the last quarter. Institutional investors and hedge funds own 42.97% of the company’s stock.

A number of equities research analysts recently weighed in on CM shares. CIBC boosted their price target on shares of Canadian Imperial Bank of Commerce from C$159.00 to C$168.00 and gave the company an “outperform” rating in a research report on Friday, August 27th. Zacks Investment Research cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Wednesday, August 11th. Desjardins upped their target price on shares of Canadian Imperial Bank of Commerce from C$150.00 to C$154.00 and gave the company a “hold” rating in a report on Monday, August 30th. TD Securities upped their target price on shares of Canadian Imperial Bank of Commerce from C$155.00 to C$160.00 and gave the company a “buy” rating in a report on Friday, August 27th. Finally, Credit Suisse Group upped their target price on shares of Canadian Imperial Bank of Commerce from $149.00 to $156.00 and gave the company a “neutral” rating in a report on Friday, August 27th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $157.56.

CM traded up $0.77 on Wednesday, hitting $115.56. 14,486 shares of the company were exchanged, compared to its average volume of 484,726. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The business’s fifty day moving average is $115.58 and its 200 day moving average is $110.03. Canadian Imperial Bank of Commerce has a fifty-two week low of $72.07 and a fifty-two week high of $121.11. The firm has a market capitalization of $51.97 billion, a P/E ratio of 11.14, a price-to-earnings-growth ratio of 0.91 and a beta of 1.13.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Wednesday, August 25th. The bank reported $3.93 earnings per share for the quarter, topping the consensus estimate of $2.65 by $1.28. Canadian Imperial Bank of Commerce had a net margin of 26.13% and a return on equity of 16.40%. The company had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.96 billion. During the same period in the prior year, the business posted $2.71 earnings per share. Analysts forecast that Canadian Imperial Bank of Commerce will post 11.54 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 28th. Shareholders of record on Tuesday, September 28th will be given a dividend of $1.1561 per share. The ex-dividend date is Monday, September 27th. This represents a $4.62 annualized dividend and a yield of 4.00%. Canadian Imperial Bank of Commerce’s payout ratio is currently 67.13%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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