Zurcher Kantonalbank Zurich Cantonalbank Buys 162,292 Shares of Canadian Imperial Bank of Commerce $CM

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 10.0% during the fourth quarter, HoldingsChannel reports. The firm owned 1,781,516 shares of the bank’s stock after buying an additional 162,292 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Canadian Imperial Bank of Commerce were worth $161,718,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of CM. Vanguard Group Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 42,220,867 shares of the bank’s stock worth $3,373,827,000 after purchasing an additional 810,582 shares during the period. TD Asset Management Inc raised its holdings in Canadian Imperial Bank of Commerce by 1.1% during the 3rd quarter. TD Asset Management Inc now owns 22,752,807 shares of the bank’s stock valued at $1,818,556,000 after buying an additional 249,722 shares during the period. Canerector Inc. lifted 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted 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 during the last quarter. Finally, CIBC Asset Management Inc boosted its stake in Canadian Imperial Bank of Commerce by 4.0% during the third quarter. CIBC Asset Management Inc now owns 9,910,976 shares of the bank’s stock worth $791,049,000 after buying an additional 384,414 shares during the period. 49.88% of the stock is owned by institutional investors.

Analyst Ratings Changes

CM has been the topic of a number of analyst reports. Weiss Ratings cut shares of Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Friday. Zacks Research upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 4th. Finally, Barclays raised shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

CM stock opened at $109.12 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.13. The business’s fifty day simple moving average is $98.73 and its two-hundred day simple moving average is $91.73. Canadian Imperial Bank of Commerce has a twelve month low of $58.00 and a twelve month high of $110.27. The firm has a market cap of $100.20 billion, a price-to-earnings ratio of 15.91, a PEG ratio of 1.13 and a beta of 1.00.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.25. The firm had revenue of $6.16 billion during the quarter, compared to analyst estimates of $5.53 billion. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. The business’s revenue was up 15.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.20 earnings per share. Analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, March 27th. Canadian Imperial Bank of Commerce’s payout ratio is 45.77%.

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.