Canadian Imperial Bank of Commerce $CM Position Cut by Guardian Partners Inc.

Guardian Partners Inc. trimmed its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 376,970 shares of the bank’s stock after selling 4,524 shares during the period. Canadian Imperial Bank of Commerce makes up about 3.0% of Guardian Partners Inc.’s portfolio, making the stock its 6th biggest position. Guardian Partners Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $35,719,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of CM. Vanguard Group Inc. raised its holdings in Canadian Imperial Bank of Commerce by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank’s stock valued at $3,907,078,000 after buying an additional 876,974 shares during the period. FIL Ltd boosted its stake in Canadian Imperial Bank of Commerce by 26.1% during the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock worth $1,156,438,000 after buying an additional 2,643,495 shares during the period. Bank of Nova Scotia boosted its stake in Canadian Imperial Bank of Commerce by 0.5% during the first quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank’s stock worth $1,201,762,000 after buying an additional 57,210 shares during the period. Cibc World Market Inc. increased its position in Canadian Imperial Bank of Commerce by 1.3% during the fourth quarter. Cibc World Market Inc. now owns 12,010,183 shares of the bank’s stock valued at $1,088,243,000 after acquiring an additional 158,634 shares during the last quarter. Finally, Mackenzie Financial Corp increased its position in Canadian Imperial Bank of Commerce by 69.3% during the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock valued at $986,173,000 after acquiring an additional 4,419,968 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

CM has been the subject of several analyst reports. Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Scotiabank reiterated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Finally, Zacks Research lowered Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and an average price target of $167.00.

Canadian Imperial Bank of Commerce Stock Up 1.4%

NYSE:CM opened at $119.87 on Wednesday. Canadian Imperial Bank of Commerce has a twelve month low of $71.00 and a twelve month high of $122.50. The company has a market cap of $109.42 billion, a price-to-earnings ratio of 16.47, a price-to-earnings-growth ratio of 1.28 and a beta of 1.02. The stock has a fifty day simple moving average of $114.31 and a 200-day simple moving average of $104.94. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.08. The firm had revenue of $5.89 billion for the quarter, compared to analysts’ expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The business’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.05 earnings per share. Analysts anticipate that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th were paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 42.58%.

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.