Canadian Imperial Bank of Commerce $CM Shares Sold by Korea Investment CORP

Korea Investment CORP reduced its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 13.0% during the third quarter, HoldingsChannel reports. The firm owned 601,725 shares of the bank’s stock after selling 89,796 shares during the quarter. Korea Investment CORP’s holdings in Canadian Imperial Bank of Commerce were worth $48,094,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CM. Grantham Mayo Van Otterloo & Co. LLC grew its holdings in Canadian Imperial Bank of Commerce by 21.9% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 121,405 shares of the bank’s stock valued at $9,703,000 after purchasing an additional 21,804 shares in the last quarter. Barclays PLC lifted its holdings in Canadian Imperial Bank of Commerce by 110.2% in the 3rd quarter. Barclays PLC now owns 35,777 shares of the bank’s stock worth $2,858,000 after buying an additional 18,757 shares in the last quarter. Orion Porfolio Solutions LLC lifted its holdings in Canadian Imperial Bank of Commerce by 1.7% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 18,595 shares of the bank’s stock worth $1,486,000 after buying an additional 303 shares in the last quarter. HAP Trading LLC purchased a new position in Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $3,215,000. Finally, NewSquare Capital LLC boosted its position in Canadian Imperial Bank of Commerce by 2.9% in the 3rd quarter. NewSquare Capital LLC now owns 101,237 shares of the bank’s stock valued at $8,088,000 after buying an additional 2,880 shares during the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $99.61 on Monday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.02 and a quick ratio of 1.02. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $105.00. The company has a fifty day moving average price of $95.01 and a two-hundred day moving average price of $87.46. The company has a market cap of $92.08 billion, a PE ratio of 14.52, a P/E/G ratio of 1.03 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 for the quarter, topping analysts’ consensus estimates of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.20%. The company had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $5.53 billion. During the same period in the prior year, the company earned $2.20 earnings per share. The firm’s revenue was up 15.3% compared to the same quarter last year. Research analysts expect 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 firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Friday, March 27th will be paid a dividend of $1.07 per share. The ex-dividend date is Friday, March 27th. This represents a $4.28 annualized dividend and a yield of 4.3%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 45.63%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Barclays raised Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research report on Thursday, February 19th. Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They issued a “market perform” rating for the company. Zacks Research upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 4th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, January 21st. One equities 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 MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $107.50.

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.