AGF Management Ltd. Lowers Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

AGF Management Ltd. cut its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,439 shares of the bank’s stock after selling 286 shares during the quarter. AGF Management Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $1,001,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. National Bank of Canada FI boosted its position in shares of Canadian Imperial Bank of Commerce by 9.1% in the second quarter. National Bank of Canada FI now owns 15,696,734 shares of the bank’s stock worth $669,950,000 after acquiring an additional 1,307,942 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 3.5% in the first quarter. Vanguard Group Inc. now owns 14,825,265 shares of the bank’s stock worth $1,804,087,000 after acquiring an additional 495,127 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of Canadian Imperial Bank of Commerce by 15.1% in the first quarter. CIBC Asset Management Inc now owns 10,226,219 shares of the bank’s stock worth $433,219,000 after acquiring an additional 1,342,882 shares during the last quarter. Norges Bank acquired a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth approximately $305,412,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Canadian Imperial Bank of Commerce by 9.9% in the first quarter. JPMorgan Chase & Co. now owns 5,252,884 shares of the bank’s stock worth $222,828,000 after acquiring an additional 471,370 shares during the last quarter. 43.72% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Up 1.5 %

NYSE CM opened at $39.52 on Friday. The company’s fifty day simple moving average is $38.01 and its 200-day simple moving average is $40.55. Canadian Imperial Bank of Commerce has a 52 week low of $34.35 and a 52 week high of $48.80. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $36.54 billion, a P/E ratio of 10.77, a PEG ratio of 2.63 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 31st. The bank reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.11). Canadian Imperial Bank of Commerce had a return on equity of 13.29% and a net margin of 9.26%. The firm had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.29 billion. Equities research analysts predict that Canadian Imperial Bank of Commerce will post 4.95 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 27th. Stockholders of record on Thursday, September 28th were given a dividend of $0.657 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.64. This represents a $2.63 dividend on an annualized basis and a dividend yield of 6.65%. The ex-dividend date was Wednesday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is presently 70.30%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CM shares. BMO Capital Markets decreased their target price on shares of Canadian Imperial Bank of Commerce from $69.00 to $65.00 and set an “outperform” rating on the stock in a research report on Friday, September 1st. Barclays reduced their price target on shares of Canadian Imperial Bank of Commerce from $58.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Friday, September 1st. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Saturday, September 30th. Finally, Royal Bank of Canada reduced their price target on shares of Canadian Imperial Bank of Commerce from $72.00 to $67.00 and set a “sector perform” rating on the stock in a research report on Friday, September 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $62.50.

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.