Tobam Reduces Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Tobam decreased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,570 shares of the bank’s stock after selling 204 shares during the quarter. Tobam’s holdings in Canadian Imperial Bank of Commerce were worth $342,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Toronto Dominion Bank lifted its holdings in shares of Canadian Imperial Bank of Commerce by 17.9% during the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after purchasing an additional 3,942,894 shares during the period. Vanguard Group Inc. lifted its stake in Canadian Imperial Bank of Commerce by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 35,237,455 shares of the bank’s stock valued at $1,696,331,000 after acquiring an additional 1,395,600 shares during the period. M&G Plc purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter valued at $8,221,000. Cetera Advisors LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter worth $1,278,000. Finally, Legal & General Group Plc raised its holdings in shares of Canadian Imperial Bank of Commerce by 3.3% during the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after purchasing an additional 228,130 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. UBS Group assumed coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They set a “neutral” rating on the stock. StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Tuesday. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. BMO Capital Markets upped their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Finally, Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Hold” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $59.58 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $62.67. The business’s 50 day moving average is $57.07 and its two-hundred day moving average is $51.73. The company has a market capitalization of $56.28 billion, a P/E ratio of 11.71, a P/E/G ratio of 1.82 and a beta of 1.07.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The business’s revenue was up 12.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.14 EPS. Analysts expect that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.652 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.38%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 52.46%.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.