Canadian Imperial Bank of Commerce $CM Stake Decreased by Beutel Goodman & Co Ltd.

Beutel Goodman & Co Ltd. trimmed its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 16.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 163,056 shares of the bank’s stock after selling 30,946 shares during the period. Beutel Goodman & Co Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $18,000,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Compass Financial Management LLC purchased a new position in Canadian Imperial Bank of Commerce during the third quarter valued at approximately $33,000. Bell Investment Advisors Inc bought a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $36,000. Security National Bank of SO Dak purchased a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $42,000. Global Assets Advisory LLC purchased a new stake in Canadian Imperial Bank of Commerce in the 1st quarter worth approximately $54,000. Finally, NFSG Corp purchased a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter worth approximately $75,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $116.71 on Tuesday. Canadian Imperial Bank of Commerce has a 12-month low of $82.71 and a 12-month high of $124.86. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The company has a market cap of $105.68 billion, a PE ratio of 16.24, a price-to-earnings-growth ratio of 1.10 and a beta of 1.01. The stock has a 50-day moving average price of $113.78 and a 200-day moving average price of $109.35.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.16. The company had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $5.74 billion. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. As a group, equities analysts forecast that Canadian Imperial Bank of Commerce will post 7.60 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th were given a dividend of C$1.07 per share. The ex-dividend date was Monday, September 28th. This represents a $4.28 annualized dividend and a yield of 3.7%. Canadian Imperial Bank of Commerce’s payout ratio is presently 41.26%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Desjardins downgraded shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Tuesday, August 4th. Keefe, Bruyette & Woods began coverage on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. They issued a “market perform” rating on the stock. Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. Royal Bank Of Canada reiterated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 28th. Finally, TD Securities reissued a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and a consensus target price of $160.00.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce (CIBC) is a diversified financial institution headquartered in Toronto, Canada. It traces its roots to the Canadian Bank of Commerce, founded in 1867, and was formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada.

CIBC provides personal and business banking, commercial banking, wealth management, and capital markets services. Its offerings include deposit accounts, mortgages, lending, payment services, investment and financial advice, and financing and advisory services for businesses and institutional clients.

The bank serves individuals, businesses, and institutions across Canada and the United States, as well as clients in select international markets.