Canadian Imperial Bank of Commerce (NYSE:CM) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 14.0% during the third quarter, Holdings Channel.com reports. The fund owned 10,641,498 shares of the bank’s stock after purchasing an additional 1,305,665 shares during the quarter. Canadian Imperial Bank of Commerce accounts for about 3.2% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its 2nd biggest position. Connor Clark & Lunn Investment Management Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $652,676,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of CM. Toronto Dominion Bank increased 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. National Bank of Canada FI raised its position in Canadian Imperial Bank of Commerce by 26.8% during 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 purchasing an additional 3,875,280 shares in the last quarter. Cibc World Market Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 18.9% in the 2nd quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock valued at $938,834,000 after purchasing an additional 3,143,734 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Canadian Imperial Bank of Commerce by 61.7% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank’s stock valued at $334,321,000 after purchasing an additional 2,681,428 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in shares of Canadian Imperial Bank of Commerce by 41.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,589,611 shares of the bank’s stock worth $283,642,000 after buying an additional 1,634,651 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $64.33 on Wednesday. The company has a market cap of $60.77 billion, a P/E ratio of 12.64, a PEG ratio of 1.84 and a beta of 1.06. The business has a 50-day moving average price of $62.20 and a two-hundred day moving average price of $54.69. 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 1-year low of $37.97 and a 1-year high of $65.09.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate 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 net margin of 10.66% and a return on equity of 13.50%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.14 earnings per share. As a group, analysts anticipate that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were issued a $0.652 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.05%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.26%.

Analyst Ratings Changes

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

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.