Canadian Imperial Bank of Commerce $CM Shares Sold by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. cut its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 1,812,262 shares of the bank’s stock after selling 79,340 shares during the quarter. Canadian Imperial Bank of Commerce accounts for 2.7% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 14th largest position. Letko Brosseau & Associates Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $164,508,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CM. Sivia Capital Partners LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at $262,000. EverSource Wealth Advisors LLC increased its position in shares of Canadian Imperial Bank of Commerce by 12.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock valued at $128,000 after purchasing an additional 193 shares during the period. Brown Advisory Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 2.6% during the 2nd quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock valued at $445,000 after purchasing an additional 160 shares during the period. Qube Research & Technologies Ltd increased its position in shares of Canadian Imperial Bank of Commerce by 74.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank’s stock valued at $23,833,000 after purchasing an additional 143,588 shares during the period. Finally, NewEdge Advisors LLC increased its position in shares of Canadian Imperial Bank of Commerce by 7,315.0% during the 2nd quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank’s stock valued at $210,000 after purchasing an additional 2,926 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM opened at $110.71 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $101.06 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 1.17 and a beta of 1.02. The stock’s fifty day simple moving average is $107.80 and its 200 day simple moving average is $98.64. Canadian Imperial Bank of Commerce has a 52-week low of $67.46 and a 52-week high of $117.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The business had revenue of $5.89 billion for the quarter, compared to analysts’ expectations of $5.86 billion. During the same period in the previous year, the firm posted $2.05 EPS. The company’s quarterly revenue was up 14.0% on a year-over-year basis. As a group, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 7.43 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be issued a dividend of $1.07 per share. The ex-dividend date is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.9%. Canadian Imperial Bank of Commerce’s payout ratio is currently 43.13%.

Analyst Ratings Changes

A number of brokerages recently issued reports on CM. Raymond James Financial restated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Weiss Ratings cut Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, June 4th. Scotiabank cut Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a report on Monday, June 1st. Zacks Research cut Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Finally, Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $167.00.

About Canadian Imperial Bank of Commerce

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.