The Manufacturers Life Insurance Company Decreases Stake in Canadian Imperial Bank of Commerce $CM

The Manufacturers Life Insurance Company cut its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 8.7% in the first quarter, Holdings Channel.com reports. The institutional investor owned 8,123,678 shares of the bank’s stock after selling 773,558 shares during the period. Canadian Imperial Bank of Commerce comprises approximately 0.7% of The Manufacturers Life Insurance Company’s investment portfolio, making the stock its 25th biggest holding. The Manufacturers Life Insurance Company’s holdings in Canadian Imperial Bank of Commerce were worth $769,211,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in CM. KCM Investment Advisors LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $207,000. Quantinno Capital Management LP increased its position in Canadian Imperial Bank of Commerce by 15.5% in the first quarter. Quantinno Capital Management LP now owns 98,277 shares of the bank’s stock worth $9,312,000 after purchasing an additional 13,177 shares during the last quarter. Lazard Asset Management LLC raised its stake in Canadian Imperial Bank of Commerce by 14.5% during the first quarter. Lazard Asset Management LLC now owns 268,356 shares of the bank’s stock valued at $25,438,000 after purchasing an additional 33,924 shares in the last quarter. Lombard Odier Asset Management Switzerland SA lifted its position in Canadian Imperial Bank of Commerce by 83.8% during the first quarter. Lombard Odier Asset Management Switzerland SA now owns 78,960 shares of the bank’s stock valued at $7,481,000 after purchasing an additional 36,000 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Canadian Imperial Bank of Commerce by 45.1% in the 1st quarter. Public Employees Retirement System of Ohio now owns 152,534 shares of the bank’s stock worth $14,407,000 after buying an additional 47,438 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on CM shares. Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Weiss Ratings cut Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. Zacks Research lowered Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Raymond James Financial reaffirmed a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Finally, Royal Bank Of Canada increased their target price on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock opened at $118.24 on Tuesday. The stock has a 50 day moving average price of $114.15 and a 200 day moving average price of $104.74. Canadian Imperial Bank of Commerce has a 52-week low of $71.00 and a 52-week high of $122.50. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $107.94 billion, a P/E ratio of 16.24, a P/E/G ratio of 1.27 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating the consensus estimate of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The company had revenue of $5.89 billion for the quarter, compared to the consensus estimate of $5.86 billion. During the same quarter in the prior year, the company posted $2.05 EPS. Canadian Imperial Bank of Commerce’s quarterly revenue was up 14.0% on a year-over-year basis. As a group, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be paid a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce’s 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.