Swiss Life Asset Management Ltd Boosts Stake in Canadian Imperial Bank of Commerce $CM

Swiss Life Asset Management Ltd grew its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 16.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 77,528 shares of the bank’s stock after acquiring an additional 10,945 shares during the period. Swiss Life Asset Management Ltd’s holdings in Canadian Imperial Bank of Commerce were worth $6,204,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Canerector Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 11,021.0% during the 3rd quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock valued at $1,776,913,000 after buying an additional 22,042,000 shares during the last quarter. Norges Bank bought a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at $730,245,000. The Manufacturers Life Insurance Company grew its holdings in Canadian Imperial Bank of Commerce by 130.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock worth $519,312,000 after acquiring an additional 4,160,060 shares in the last quarter. Public Sector Pension Investment Board increased its position in shares of Canadian Imperial Bank of Commerce by 51.8% in the 2nd quarter. Public Sector Pension Investment Board now owns 7,106,008 shares of the bank’s stock worth $503,383,000 after purchasing an additional 2,425,000 shares during the last quarter. Finally, Fisher Asset Management LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $88,610,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CM shares. 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. Raymond James Financial assumed coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They issued a “market perform” rating for the company. Barclays upgraded Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday, February 19th. Finally, Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, March 10th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Trading Down 1.3%

Shares of NYSE CM opened at $94.24 on Friday. 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 market cap of $87.12 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 0.98 and a beta of 1.00. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. The stock’s 50 day simple moving average is $96.13 and its 200 day simple moving average is $88.90.

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

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Friday, March 27th will be given a $1.07 dividend. The ex-dividend date is Friday, March 27th. This represents a $4.28 annualized dividend and a yield of 4.5%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 44.61%.

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.