Value Partners Investments Inc. Cuts Stock Position in Canadian Imperial Bank of Commerce $CM

Value Partners Investments Inc. decreased its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 22.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 612,390 shares of the bank’s stock after selling 179,931 shares during the period. Canadian Imperial Bank of Commerce accounts for approximately 4.4% of Value Partners Investments Inc.’s holdings, making the stock its 8th largest position. Value Partners Investments Inc. owned approximately 0.07% of Canadian Imperial Bank of Commerce worth $57,922,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Larson Financial Group LLC grew its stake in Canadian Imperial Bank of Commerce by 119.7% in the third quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock valued at $32,000 after purchasing an additional 219 shares in the last quarter. EFG International AG acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $35,000. Lodestone Wealth Management LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at $37,000. Aventura Private Wealth LLC acquired a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth $69,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA increased its holdings in Canadian Imperial Bank of Commerce by 87.0% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank’s stock worth $69,000 after buying an additional 400 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $113.80 on Friday. The company has a market capitalization of $103.88 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 1.24 and a beta of 1.02. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 12 month low of $69.43 and a 12 month high of $117.05. The stock’s 50 day moving average is $111.30 and its 200-day moving average is $101.00.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating 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 firm had revenue of $5.89 billion for the quarter, compared to analyst estimates of $5.86 billion. During the same period in the prior year, the firm posted $2.05 EPS. The company’s revenue for the quarter was up 14.0% on a year-over-year basis. Equities research analysts expect that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be issued a $1.07 dividend. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a yield of 3.8%. Canadian Imperial Bank of Commerce’s payout ratio is currently 42.58%.

Analyst Ratings Changes

A number of brokerages have recently commented on CM. Weiss Ratings downgraded shares of Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, June 4th. Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $167.00.

Canadian Imperial Bank of Commerce Company Profile

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.