Canadian Imperial Bank of Commerce $CM Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 12.9% in the 3rd quarter, Holdings Channel reports. The firm owned 8,777,092 shares of the bank’s stock after selling 1,300,054 shares during the quarter. JPMorgan Chase & Co.’s holdings in Canadian Imperial Bank of Commerce were worth $701,202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of the business. Cidel Asset Management Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 12.2% in the 3rd quarter. Cidel Asset Management Inc. now owns 508,370 shares of the bank’s stock valued at $40,632,000 after buying an additional 55,138 shares during the period. Tacita Capital Inc boosted its stake in Canadian Imperial Bank of Commerce by 17.4% in the third quarter. Tacita Capital Inc now owns 10,368 shares of the bank’s stock valued at $829,000 after acquiring an additional 1,540 shares during the period. Varma Mutual Pension Insurance Co grew its holdings in shares of Canadian Imperial Bank of Commerce by 8.7% during the third quarter. Varma Mutual Pension Insurance Co now owns 196,111 shares of the bank’s stock valued at $15,675,000 after purchasing an additional 15,700 shares during the last quarter. Leuthold Group LLC raised its position in shares of Canadian Imperial Bank of Commerce by 3.3% during the 3rd quarter. Leuthold Group LLC now owns 86,142 shares of the bank’s stock worth $6,882,000 after purchasing an additional 2,766 shares during the period. Finally, Stratos Wealth Partners LTD. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 35.6% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 6,408 shares of the bank’s stock worth $512,000 after purchasing an additional 1,683 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Up 0.7%

Shares of NYSE:CM opened at $96.52 on Wednesday. The company has a 50 day moving average of $93.07 and a 200-day moving average of $84.98. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.13. The firm has a market cap of $89.44 billion, a P/E ratio of 15.85, a P/E/G ratio of 1.29 and a beta of 1.02. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $98.50.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, topping the consensus estimate of $1.49 by $0.08. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.91 earnings per share. As a group, analysts anticipate 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 company also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Investors of record on Monday, December 29th were paid a dividend of $1.07 per share. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. This represents a $4.28 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Monday, December 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 50.25%.

Analyst Ratings Changes

CM has been the subject of a number of recent research reports. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, January 21st. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating on the stock. Finally, Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce 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.