Canadian Imperial Bank of Commerce $CM Position Lowered by TD Waterhouse Canada Inc.

TD Waterhouse Canada Inc. cut its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.3% during the third quarter, HoldingsChannel.com reports. The firm owned 8,447,389 shares of the bank’s stock after selling 27,980 shares during the period. Canadian Imperial Bank of Commerce makes up about 2.4% of TD Waterhouse Canada Inc.’s portfolio, making the stock its 7th largest holding. TD Waterhouse Canada Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $923,592,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CM. Deutsche Bank AG acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at $237,643,000. Mediolanum International Funds Ltd grew its holdings in shares of Canadian Imperial Bank of Commerce by 142.8% during the 1st quarter. Mediolanum International Funds Ltd now owns 142,455 shares of the bank’s stock valued at $13,086,000 after acquiring an additional 83,784 shares in the last quarter. Bank of Nova Scotia increased its stake in shares of Canadian Imperial Bank of Commerce by 0.5% in the first quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank’s stock worth $1,201,762,000 after acquiring an additional 57,210 shares during the last quarter. Tacita Capital Inc acquired a new position in shares of Canadian Imperial Bank of Commerce in the second quarter worth $1,834,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Canadian Imperial Bank of Commerce in the second quarter worth $905,393,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Desjardins lowered Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Tuesday, August 4th. Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Thursday, August 27th. Keefe, Bruyette & Woods assumed coverage on Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They issued a “market perform” rating on the stock. Finally, TD Securities reaffirmed a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $160.00.

Canadian Imperial Bank of Commerce Stock Up 0.1%

NYSE CM traded up $0.16 during trading on Friday, reaching $112.42. The company’s stock had a trading volume of 931,702 shares, compared to its average volume of 1,431,821. 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 stock has a market capitalization of $102.62 billion, a PE ratio of 15.01, a PEG ratio of 1.11 and a beta of 1.02. The business has a 50-day moving average price of $114.68 and a 200-day moving average price of $112.69. Canadian Imperial Bank of Commerce has a 1-year low of $79.65 and a 1-year high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 27th. The bank reported $1.96 EPS for the quarter, topping the consensus estimate of $1.80 by $0.16. The company had revenue of $5.97 billion during the quarter, compared to the consensus estimate of $5.74 billion. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. On average, research 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 Announces Dividend

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