Canadian Imperial Bank of Commerce $CM Shares Sold by Westerkirk Capital Inc.

Westerkirk Capital Inc. reduced its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 17.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,497 shares of the bank’s stock after selling 8,211 shares during the quarter. 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 large investors also recently bought and sold shares of the company. Lansforsakringar Fondforvaltning AB publ grew its stake in shares of Canadian Imperial Bank of Commerce by 5.9% during the 3rd quarter. Lansforsakringar Fondforvaltning AB publ now owns 216,791 shares of the bank’s stock worth $17,327,000 after purchasing an additional 12,025 shares during the period. Citigroup Inc. grew its position in Canadian Imperial Bank of Commerce by 11.5% during the third quarter. Citigroup Inc. now owns 902,937 shares of the bank’s stock valued at $72,169,000 after buying an additional 92,929 shares during the period. Asahi Life Asset Management CO. LTD. grew its position in Canadian Imperial Bank of Commerce by 45.5% during the third quarter. Asahi Life Asset Management CO. LTD. now owns 5,720 shares of the bank’s stock valued at $457,000 after buying an additional 1,790 shares during the period. Hillsdale Investment Management Inc. increased its holdings in Canadian Imperial Bank of Commerce by 1.6% in the third quarter. Hillsdale Investment Management Inc. now owns 1,184,871 shares of the bank’s stock valued at $94,659,000 after buying an additional 19,134 shares in the last quarter. Finally, Fiera Capital Corp raised its position in shares of Canadian Imperial Bank of Commerce by 12.7% in the third quarter. Fiera Capital Corp now owns 40,563 shares of the bank’s stock worth $3,240,000 after acquiring an additional 4,580 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CM has been the topic of a number of analyst reports. Zacks Research cut Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Barclays raised Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a report on Thursday. Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating for the company. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, January 21st. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

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

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

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were issued a dividend of $1.07 per share. 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 dividend yield of 4.3%. Canadian Imperial Bank of Commerce’s payout ratio is currently 50.25%.

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.