Royal London Asset Management Ltd. Has $4.07 Million Stake in Canadian Imperial Bank of Commerce $CM

Royal London Asset Management Ltd. lowered its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 12.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,417 shares of the bank’s stock after selling 5,001 shares during the period. Royal London Asset Management Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $4,073,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Larson Financial Group LLC lifted its position in Canadian Imperial Bank of Commerce by 119.7% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after buying an additional 219 shares in the last quarter. EFG International AG bought a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $35,000. Bell Investment Advisors Inc bought a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $36,000. Global Assets Advisory LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter valued at about $54,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA increased its position in shares of Canadian Imperial Bank of Commerce by 87.0% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank’s stock valued at $69,000 after acquiring an additional 400 shares during the last quarter. Institutional investors own 49.88% of the company’s stock.

Analyst Ratings Changes

CM has been the subject of several recent research reports. TD Securities reissued a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th. Raymond James Financial reaffirmed a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Thursday. Scotiabank reissued an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Finally, Keefe, Bruyette & Woods started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. They issued a “market perform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Trading Down 0.7%

Shares of NYSE:CM opened at $113.49 on Tuesday. Canadian Imperial Bank of Commerce has a 52-week low of $76.10 and a 52-week high of $124.86. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $103.60 billion, a P/E ratio of 15.15, a price-to-earnings-growth ratio of 1.19 and a beta of 1.01. The company has a 50-day simple moving average of $117.45 and a 200 day simple moving average of $109.19.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.16. The firm had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.74 billion. Canadian Imperial Bank of Commerce had a return on equity of 17.02% and a net margin of 16.09%. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Monday, September 28th will be issued a dividend of $1.07 per share. The ex-dividend date of this dividend is Monday, September 28th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.8%. Canadian Imperial Bank of Commerce’s payout ratio is presently 41.39%.

Canadian Imperial Bank of Commerce 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.