Intact Investment Management Inc. Sells 334,690 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Intact Investment Management Inc. lowered its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 16.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,744,463 shares of the bank’s stock after selling 334,690 shares during the period. Canadian Imperial Bank of Commerce comprises 3.6% of Intact Investment Management Inc.’s investment portfolio, making the stock its 2nd biggest position. Intact Investment Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $107,014,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Toronto Dominion Bank lifted its stake in Canadian Imperial Bank of Commerce by 17.9% in the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after acquiring an additional 3,942,894 shares during the last quarter. National Bank of Canada FI lifted its stake 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 worth $867,377,000 after acquiring an additional 3,875,280 shares during the last quarter. Cibc World Market Inc. lifted its stake in Canadian Imperial Bank of Commerce by 18.9% in 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 during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Canadian Imperial Bank of Commerce by 61.7% in 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 during the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in Canadian Imperial Bank of Commerce by 41.3% in the first quarter. Canada Pension Plan Investment Board now owns 5,589,611 shares of the bank’s stock worth $283,642,000 after acquiring an additional 1,634,651 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Up 0.6 %

CM stock opened at $62.95 on Monday. The company’s 50 day moving average is $60.74 and its two-hundred day moving average is $53.29. The stock has a market cap of $59.46 billion, a P/E ratio of 12.37, a PEG ratio of 1.89 and a beta of 1.06. Canadian Imperial Bank of Commerce has a twelve month low of $35.96 and a twelve month high of $63.53. 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 (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $6.28 billion. During the same period last year, the firm posted $1.14 EPS. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 12.9% on a year-over-year basis. Research analysts expect that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were given a $0.652 dividend. This represents a $2.61 annualized dividend and a yield of 4.14%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 52.46%.

Analyst Ratings Changes

A number of research analysts recently issued reports on CM shares. BMO Capital Markets lifted their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. 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. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. 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 equities research 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’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Hold” and a consensus price target 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.