Letko Brosseau & Associates Inc. Raises Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Letko Brosseau & Associates Inc. increased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 43.2% during the second quarter, Holdings Channel.com reports. The firm owned 2,655,937 shares of the bank’s stock after acquiring an additional 801,058 shares during the quarter. Canadian Imperial Bank of Commerce accounts for 2.1% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 14th largest holding. Letko Brosseau & Associates Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $209,304,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of CM. Heritage Wealth Advisors purchased a new position in Canadian Imperial Bank of Commerce in the 1st quarter worth $31,000. CWM LLC raised its position in Canadian Imperial Bank of Commerce by 1,524.0% in the 1st quarter. CWM LLC now owns 406 shares of the bank’s stock worth $32,000 after purchasing an additional 381 shares during the period. Meridian Wealth Management LLC purchased a new position in Canadian Imperial Bank of Commerce in the 1st quarter worth $32,000. Advisory Alpha LLC purchased a new position in Canadian Imperial Bank of Commerce in the 1st quarter worth $41,000. Finally, Winslow Evans & Crocker Inc. raised its position in Canadian Imperial Bank of Commerce by 49.3% in the 1st quarter. Winslow Evans & Crocker Inc. now owns 830 shares of the bank’s stock worth $66,000 after purchasing an additional 274 shares during the period. Institutional investors own 45.15% of the company’s stock.

CM has been the topic of a number of analyst reports. TD Securities cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Thursday, May 23rd. Canaccord Genuity cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Thursday, May 23rd. Desjardins cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Wednesday, May 22nd. Barclays cut shares of Canadian Imperial Bank of Commerce from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, June 11th. Finally, BMO Capital Markets restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and an average target price of $120.00.

Shares of CM stock traded down $0.77 during mid-day trading on Thursday, reaching $73.65. The stock had a trading volume of 16,961 shares, compared to its average volume of 305,377. The company has a 50-day moving average price of $78.12. Canadian Imperial Bank of Commerce has a 52-week low of $72.96 and a 52-week high of $96.98. The company has a market capitalization of $33.08 billion, a price-to-earnings ratio of 7.88, a PEG ratio of 6.64 and a beta of 1.17. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.12.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Wednesday, May 22nd. The bank reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.22 by $0.75. Canadian Imperial Bank of Commerce had a net margin of 18.83% and a return on equity of 16.30%. The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.36 billion. During the same quarter in the previous year, the company earned $2.95 earnings per share. Equities analysts forecast that Canadian Imperial Bank of Commerce will post 9.02 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 29th. Shareholders of record on Friday, June 28th were given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 5.65%. The ex-dividend date was Thursday, June 27th. Canadian Imperial Bank of Commerce’s payout ratio is 44.33%.

About Canadian Imperial Bank of Commerce

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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

Further Reading: Futures Contract

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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