Canadian Imperial Bank of Commerce (NYSE:CM) Stock Position Raised by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 23.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 3,187,106 shares of the bank’s stock after acquiring an additional 601,234 shares during the period. The Manufacturers Life Insurance Company’s holdings in Canadian Imperial Bank of Commerce were worth $195,561,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Massmutual Trust Co. FSB ADV raised its holdings in Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after buying an additional 171 shares in the last quarter. PDS Planning Inc raised its stake in shares of Canadian Imperial Bank of Commerce by 4.7% in the 3rd quarter. PDS Planning Inc now owns 4,978 shares of the bank’s stock valued at $305,000 after acquiring an additional 224 shares in the last quarter. Simplicity Wealth LLC lifted its holdings in Canadian Imperial Bank of Commerce by 3.9% in the 2nd quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock worth $307,000 after purchasing an additional 240 shares during the last quarter. Prospera Private Wealth LLC boosted its position in Canadian Imperial Bank of Commerce by 3.2% during the third quarter. Prospera Private Wealth LLC now owns 10,486 shares of the bank’s stock worth $643,000 after purchasing an additional 330 shares during the period. Finally, First Bank & Trust grew its holdings in Canadian Imperial Bank of Commerce by 0.8% during the third quarter. First Bank & Trust now owns 41,646 shares of the bank’s stock valued at $2,555,000 after purchasing an additional 351 shares during the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $64.74 on Wednesday. Canadian Imperial Bank of Commerce has a twelve month low of $37.97 and a twelve month high of $65.89. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $61.15 billion, a P/E ratio of 12.72, a PEG ratio of 1.71 and a beta of 1.06. The company’s 50-day simple moving average is $62.58 and its 200 day simple moving average is $55.27.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. The business had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. Canadian Imperial Bank of Commerce’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.14 EPS. As a group, research analysts forecast that Canadian Imperial Bank of Commerce will post 5.27 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were issued a dividend of $0.652 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.03%. Canadian Imperial Bank of Commerce’s payout ratio is presently 52.46%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CM shares. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. BMO Capital Markets raised their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Finally, Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Hold” and a consensus price target of $81.00.

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.