Massachusetts Financial Services Co. MA Raises Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Massachusetts Financial Services Co. MA raised its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 32.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 112,033 shares of the bank’s stock after purchasing an additional 27,291 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Canadian Imperial Bank of Commerce were worth $6,872,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Toronto Dominion Bank increased its position in shares of 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 purchasing an additional 3,942,894 shares during the last quarter. National Bank of Canada FI raised its position in shares of Canadian Imperial Bank of Commerce by 26.8% during the 2nd quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock valued at $867,377,000 after buying an additional 3,875,280 shares in the last quarter. Cibc World Market Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 18.9% during the 2nd 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 grew its position 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 in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in Canadian Imperial Bank of Commerce by 14.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after acquiring an additional 1,305,665 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $64.74 on Wednesday. Canadian Imperial Bank of Commerce has a fifty-two week low of $37.97 and a fifty-two week high of $65.89. The stock’s 50 day simple moving average is $62.58 and its two-hundred day simple moving average is $55.27. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $61.15 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 1.71 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results 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 company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The firm’s revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.14 earnings per share. As a group, analysts expect that Canadian Imperial Bank of Commerce will post 5.27 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were paid a $0.652 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.03%. Canadian Imperial Bank of Commerce’s payout ratio is 52.46%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CM. Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. BMO Capital Markets upped their target price on 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. 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. Finally, Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research 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 assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price 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.