Westerkirk Capital Inc. Reduces Position in Canadian Imperial Bank of Commerce $CM

Westerkirk Capital Inc. trimmed its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 17.2% during the third quarter, HoldingsChannel reports. The firm owned 39,497 shares of the bank’s stock after selling 8,211 shares during the period. Westerkirk Capital Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $3,155,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sivia Capital Partners LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter valued at approximately $262,000. Stratos Wealth Partners LTD. grew its holdings in Canadian Imperial Bank of Commerce by 14.5% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 4,725 shares of the bank’s stock valued at $335,000 after buying an additional 600 shares in the last quarter. L.M. Kohn & Company grew its holdings in Canadian Imperial Bank of Commerce by 6.0% in the 2nd quarter. L.M. Kohn & Company now owns 4,090 shares of the bank’s stock valued at $290,000 after buying an additional 230 shares in the last quarter. Daymark Wealth Partners LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth $392,000. Finally, Assetmark Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 14.9% during the 2nd quarter. Assetmark Inc. now owns 274,467 shares of the bank’s stock worth $19,440,000 after acquiring an additional 35,688 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Trading Up 1.5%

NYSE CM opened at $99.56 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $92.25 billion, a P/E ratio of 16.35, a PEG ratio of 1.29 and a beta of 1.02. The firm’s 50-day moving average is $93.41 and its two-hundred day moving average is $85.43. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $99.62.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same period last year, the business earned $1.91 earnings per share. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. On average, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th were given a $1.07 dividend. The ex-dividend date of this dividend was Monday, December 29th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. This represents a $4.28 dividend on an annualized basis and a yield of 4.3%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 50.25%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CM. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating on the stock. Barclays raised shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, January 21st. Finally, Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

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.