Westerkirk Capital Inc. trimmed its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM – Free Report) (TSE:CM) by 93.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,597 shares of the bank’s stock after selling 36,900 shares during the quarter. Westerkirk Capital Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently made changes to their positions in the stock. Franklin Resources Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 7.0% during the fourth quarter. Franklin Resources Inc. now owns 1,235,693 shares of the bank’s stock worth $112,024,000 after acquiring an additional 80,640 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in shares of Canadian Imperial Bank of Commerce by 5.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 238,539 shares of the bank’s stock worth $21,622,000 after acquiring an additional 12,297 shares during the last quarter. Manchester Capital Management LLC raised its position in shares of Canadian Imperial Bank of Commerce by 92.6% during the fourth quarter. Manchester Capital Management LLC now owns 1,256 shares of the bank’s stock worth $114,000 after acquiring an additional 604 shares during the last quarter. Syon Capital LLC raised its position in shares of Canadian Imperial Bank of Commerce by 12.3% during the fourth quarter. Syon Capital LLC now owns 3,617 shares of the bank’s stock worth $328,000 after acquiring an additional 395 shares during the last quarter. Finally, Capital International Sarl raised its position in shares of Canadian Imperial Bank of Commerce by 11.1% during the fourth quarter. Capital International Sarl now owns 56,614 shares of the bank’s stock worth $5,139,000 after acquiring an additional 5,638 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on CM. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, June 4th. Scotiabank downgraded Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a report on Monday, June 1st. Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Jefferies Financial Group reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Finally, Royal Bank Of Canada lifted their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $167.00.
Canadian Imperial Bank of Commerce Trading Up 1.1%
NYSE CM opened at $110.71 on Wednesday. The company has a market cap of $101.06 billion, a price-to-earnings ratio of 15.21, a P/E/G ratio of 1.17 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 52 week low of $67.46 and a 52 week high of $117.05. The business has a 50 day moving average price of $107.80 and a 200-day moving average price of $98.64. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11.
Canadian Imperial Bank of Commerce (NYSE:CM – Get Free Report) (TSE:CM) last released its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating the consensus estimate of $1.78 by $0.08. The firm had revenue of $5.89 billion during the quarter, compared to the consensus estimate of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The company’s quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.05 earnings per share. As a group, equities analysts expect that Canadian Imperial Bank of Commerce will post 7.43 earnings per share for the current fiscal year.
Canadian Imperial Bank of Commerce Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be issued a dividend of $1.07 per share. The ex-dividend date is Monday, June 29th. This represents a $4.28 annualized dividend and a dividend yield of 3.9%. Canadian Imperial Bank of Commerce’s payout ratio 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.
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