Zurcher Kantonalbank Zurich Cantonalbank Has $35 Million Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 51.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 570,008 shares of the bank’s stock after purchasing an additional 192,753 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.06% of Canadian Imperial Bank of Commerce worth $35,003,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Toronto Dominion Bank raised its holdings in shares of Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after buying an additional 3,942,894 shares in the last quarter. National Bank of Canada FI grew its position in Canadian Imperial Bank of Commerce by 26.8% in the second quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock valued at $867,377,000 after acquiring an additional 3,875,280 shares during the period. Cibc World Market Inc. raised its stake in Canadian Imperial Bank of Commerce by 18.9% during the second quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock worth $938,834,000 after acquiring an additional 3,143,734 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Canadian Imperial Bank of Commerce by 61.7% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank’s stock worth $334,321,000 after acquiring an additional 2,681,428 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 14.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock valued at $652,676,000 after acquiring an additional 1,305,665 shares during the period. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

CM opened at $64.68 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The business’s 50-day simple moving average is $62.72 and its 200 day simple moving average is $55.40. The firm has a market capitalization of $61.10 billion, a PE ratio of 12.71, a PEG ratio of 1.71 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 52-week low of $37.97 and a 52-week high of $65.89.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued 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. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The company had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.28 billion. During the same period in the prior year, the firm earned $1.14 EPS. Canadian Imperial Bank of Commerce’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on CM. BMO Capital Markets upped their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Finally, Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Company 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.