Intact Investment Management Inc. Lowers Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Intact Investment Management Inc. decreased its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,484,483 shares of the bank’s stock after selling 91,390 shares during the quarter. Canadian Imperial Bank of Commerce comprises approximately 4.8% of Intact Investment Management Inc.’s portfolio, making the stock its biggest holding. Intact Investment Management Inc. owned approximately 0.27% of Canadian Imperial Bank of Commerce worth $119,630,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Triasima Portfolio Management inc. bought a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth $35,234,000. Public Sector Pension Investment Board increased its holdings in shares of Canadian Imperial Bank of Commerce by 177.6% in the third quarter. Public Sector Pension Investment Board now owns 990,605 shares of the bank’s stock worth $38,415,000 after purchasing an additional 633,770 shares during the period. Vanguard Group Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 1.6% in the third quarter. Vanguard Group Inc. now owns 33,841,855 shares of the bank’s stock worth $1,306,634,000 after purchasing an additional 544,942 shares during the period. Toronto Dominion Bank increased its holdings in shares of Canadian Imperial Bank of Commerce by 1.8% in the third quarter. Toronto Dominion Bank now owns 26,965,878 shares of the bank’s stock worth $1,041,153,000 after purchasing an additional 476,342 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Canadian Imperial Bank of Commerce by 14.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,556,632 shares of the bank’s stock worth $137,282,000 after purchasing an additional 438,978 shares during the period. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Up 0.9 %

NYSE CM traded up $0.42 during trading on Friday, hitting $47.82. 843,860 shares of the company’s stock traded hands, compared to its average volume of 1,343,767. The stock has a fifty day moving average of $48.67 and a two-hundred day moving average of $44.62. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $51.14. The firm has a market cap of $44.85 billion, a P/E ratio of 9.88, a PEG ratio of 2.22 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, February 29th. The bank reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.10. The company had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.47 billion. Canadian Imperial Bank of Commerce had a net margin of 10.79% and a return on equity of 13.07%. As a group, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.04 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 29th. Stockholders of record on Thursday, March 28th will be issued a dividend of $0.6634 per share. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. This represents a $2.65 dividend on an annualized basis and a dividend yield of 5.55%. The ex-dividend date of this dividend is Wednesday, March 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 26.45%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Barclays assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They issued an “underweight” rating on the stock. Scotiabank upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research report on Tuesday, February 20th. Finally, Jefferies Financial Group started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.00.

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.