Canadian Imperial Bank of Commerce $CM Stock Sold by Triasima Portfolio Management inc.

Triasima Portfolio Management inc. lowered its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 8.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 224,058 shares of the bank’s stock after selling 19,594 shares during the period. Canadian Imperial Bank of Commerce makes up approximately 3.2% of Triasima Portfolio Management inc.’s holdings, making the stock its 5th biggest position. Triasima Portfolio Management inc.’s holdings in Canadian Imperial Bank of Commerce were worth $24,734,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Cibc World Market Inc. bought a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $1,342,850,000. Bank of Nova Scotia bought a new stake in Canadian Imperial Bank of Commerce during the second quarter worth approximately $1,297,567,000. Canada Pension Plan Investment Board bought a new stake in Canadian Imperial Bank of Commerce during the second quarter worth approximately $927,219,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Canadian Imperial Bank of Commerce during the second quarter worth approximately $916,774,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $905,393,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CM. Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, August 27th. TD Securities reaffirmed a “buy” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Keefe, Bruyette & Woods assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. They set a “market perform” rating for the company. Desjardins lowered shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $160.00.

Canadian Imperial Bank of Commerce Trading Up 1.7%

Canadian Imperial Bank of Commerce stock opened at $112.32 on Friday. Canadian Imperial Bank of Commerce has a 52 week low of $79.65 and a 52 week high of $124.86. 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 $102.53 billion, a PE ratio of 14.97, a PEG ratio of 1.09 and a beta of 1.02. The business’s 50-day simple moving average is $114.81 and its 200-day simple moving average is $112.69.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a return on equity of 17.02% and a net margin of 16.09%. The firm had revenue of $5.97 billion during the quarter, compared to the consensus estimate of $5.74 billion. Equities research analysts forecast that Canadian Imperial Bank of Commerce will post 7.60 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th will be given a C$1.07 dividend. This represents a $4.28 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Monday, September 28th. Canadian Imperial Bank of Commerce’s payout ratio is currently 41.26%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a diversified financial institution headquartered in Toronto, Ontario. The bank provides banking, lending, investment, wealth management and capital-markets services to individuals, businesses, institutions and governments.

CIBC’s principal business areas include Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. Its offerings include deposit accounts, mortgages, personal and business loans, credit cards, investment products, financial planning, private wealth services, corporate finance, investment banking, advisory services and securities trading.

The institution was formed in 1961 through the merger of the Canadian Bank of Commerce, established in 1867, and the Imperial Bank of Canada, established in 1873.