Connor Clark & Lunn Investment Management Ltd. Purchases New Position in Canadian Imperial Bank of Commerce $CM

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the second quarter, Holdings Channel.com reports. The fund bought 7,969,186 shares of the bank’s stock, valued at approximately $916,774,000. Canadian Imperial Bank of Commerce makes up about 1.7% of Connor Clark & Lunn Investment Management Ltd.’s portfolio, making the stock its 8th largest position.

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday. TD Securities reaffirmed a “buy” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Finally, Royal Bank Of Canada upped their price objective on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $116.38 on Monday. Canadian Imperial Bank of Commerce has a 1-year low of $72.57 and a 1-year high of $124.86. The company has a market capitalization of $106.24 billion, a P/E ratio of 15.99, a PEG ratio of 1.22 and a beta of 1.01. The business has a 50 day moving average price of $117.13 and a 200 day moving average price of $108.36. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.08. The company had revenue of $5.89 billion for the quarter, compared to the consensus estimate of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.Canadian Imperial Bank of Commerce’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.05 earnings per share. Sell-side analysts expect that Canadian Imperial Bank of Commerce will post 7.41 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th were paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce’s payout ratio is 42.58%.

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.