Canadian Imperial Bank of Commerce $CM is TD Asset Management Inc’s 9th Largest Position

TD Asset Management Inc decreased its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,700,518 shares of the bank’s stock after selling 52,289 shares during the quarter. Canadian Imperial Bank of Commerce makes up 1.7% of TD Asset Management Inc’s portfolio, making the stock its 9th biggest holding. TD Asset Management Inc’s holdings in Canadian Imperial Bank of Commerce were worth $2,060,638,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its position 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 worth $3,907,078,000 after buying an additional 876,974 shares in the last quarter. Canerector Inc. increased its position in Canadian Imperial Bank of Commerce by 11,021.0% in the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock worth $1,776,913,000 after buying an additional 22,042,000 shares in the last quarter. Cibc World Market Inc. increased its position 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 in the last quarter. Norges Bank purchased a new stake in Canadian Imperial Bank of Commerce in the fourth quarter worth about $958,383,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position 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 worth $826,866,000 after buying an additional 980,811 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CM. Scotiabank cut Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research report on Monday. Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday. Jefferies Financial Group reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Zacks Research cut Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $107.47 on Thursday. 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 has a 12-month low of $67.38 and a 12-month high of $117.05. The stock has a 50-day moving average price of $106.65 and a 200 day moving average price of $97.97. The stock has a market capitalization of $98.31 billion, a P/E ratio of 14.76, a P/E/G ratio of 1.16 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) 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 firm had revenue of $5.89 billion during the quarter, compared to analysts’ expectations of $5.86 billion. During the same quarter last year, the business posted $2.05 earnings per share. The firm’s revenue 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 fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 4.0%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 43.13%.

About Canadian Imperial Bank of Commerce

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.