Skandinaviska Enskilda Banken AB publ Sells 43,197 Shares of Canadian Imperial Bank of Commerce $CM

Skandinaviska Enskilda Banken AB publ reduced its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 12.8% during the third quarter, Holdings Channel.com reports. The institutional investor owned 293,154 shares of the bank’s stock after selling 43,197 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Canadian Imperial Bank of Commerce were worth $23,420,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 2.0% during the 3rd quarter. Vanguard Group Inc. now owns 42,220,867 shares of the bank’s stock worth $3,373,827,000 after acquiring an additional 810,582 shares in the last quarter. Cidel Asset Management Inc. increased its position in Canadian Imperial Bank of Commerce by 12.2% in the third quarter. Cidel Asset Management Inc. now owns 508,370 shares of the bank’s stock worth $40,632,000 after purchasing an additional 55,138 shares during the last quarter. Tacita Capital Inc raised its stake in Canadian Imperial Bank of Commerce by 17.4% during the third quarter. Tacita Capital Inc now owns 10,368 shares of the bank’s stock valued at $829,000 after purchasing an additional 1,540 shares in the last quarter. Varma Mutual Pension Insurance Co lifted its position in Canadian Imperial Bank of Commerce by 8.7% during the third quarter. Varma Mutual Pension Insurance Co now owns 196,111 shares of the bank’s stock valued at $15,675,000 after purchasing an additional 15,700 shares during the last quarter. Finally, Leuthold Group LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 3.3% in the 3rd quarter. Leuthold Group LLC now owns 86,142 shares of the bank’s stock worth $6,882,000 after buying an additional 2,766 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CM shares. Zacks Research cut shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They issued a “market perform” rating for the company. Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, January 21st. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Trading Up 0.7%

Shares of CM opened at $96.52 on Wednesday. The firm has a market capitalization of $89.44 billion, a price-to-earnings ratio of 15.85, a PEG ratio of 1.29 and a beta of 1.02. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $98.50. The company has a 50-day moving average of $93.07 and a 200 day moving average of $84.98.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same period in the prior year, the firm earned $1.91 EPS. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th were given a dividend of $1.07 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date of this dividend was Monday, December 29th. This represents a $4.28 dividend on an annualized basis and a yield of 4.4%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 50.25%.

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.