Canadian Imperial Bank of Commerce $CM Position Raised by Connor Clark & Lunn Investment Management Ltd.

by · The Markets Daily

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM – Free Report) (TSE:CM) by 10.5% in the 3rd quarter, Holdings Channel.com reports. The firm owned 10,349,841 shares of the bank’s stock after purchasing an additional 980,811 shares during the period. Canadian Imperial Bank of Commerce comprises about 2.6% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its 4th largest position. Connor Clark & Lunn Investment Management Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $826,866,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. American Century Companies Inc. increased its stake in Canadian Imperial Bank of Commerce by 10.8% in the second quarter. American Century Companies Inc. now owns 348,986 shares of the bank’s stock valued at $24,772,000 after purchasing an additional 33,908 shares during the last quarter. Legal & General Group Plc raised its holdings in Canadian Imperial Bank of Commerce by 4.4% during the second quarter. Legal & General Group Plc now owns 6,183,439 shares of the bank’s stock worth $438,056,000 after purchasing an additional 262,675 shares in the last quarter. Westerkirk Capital Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $3,379,000. Cumberland Partners Ltd boosted its holdings in shares of Canadian Imperial Bank of Commerce by 50.0% in the 2nd quarter. Cumberland Partners Ltd now owns 14,407 shares of the bank’s stock valued at $1,021,000 after buying an additional 4,800 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 41,410,285 shares of the bank’s stock valued at $2,939,385,000 after buying an additional 1,382,123 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 0.3%

CM opened at $99.09 on Thursday. The business has a 50 day moving average price of $95.46 and a two-hundred day moving average price of $87.90. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.12. The company has a market cap of $91.60 billion, a PE ratio of 14.44, a P/E/G ratio of 1.03 and a beta of 1.00. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $105.00.

Canadian Imperial Bank of Commerce (NYSE:CM – Get Free Report) (TSE:CM) last announced its earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.25. The company had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $5.53 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.20% and a net margin of 15.15%.The company’s revenue was up 15.3% on a year-over-year basis. During the same period last year, the business posted $2.20 EPS. As a group, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Friday, March 27th will be issued a dividend of $1.07 per share. The ex-dividend date of this dividend is Friday, March 27th. This represents a $4.28 annualized dividend and a dividend yield of 4.3%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 45.63%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CM shares. Barclays upgraded shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday, February 19th. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, January 21st. Raymond James Financial started coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They set a “market perform” rating on the stock. Finally, Zacks Research raised Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

Read Our Latest Report on Canadian Imperial Bank of Commerce

About Canadian Imperial Bank of Commerce

(Free Report)

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.

Further Reading

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