Great West Life Assurance Co. Can cut its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,450,557 shares of the bank’s stock after selling 127,802 shares during the period. Canadian Imperial Bank of Commerce makes up 0.7% of Great West Life Assurance Co. Can’s portfolio, making the stock its 22nd largest position. Great West Life Assurance Co. Can owned 0.86% of Canadian Imperial Bank of Commerce worth $279,565,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Canadian Imperial Bank of Commerce by 4.7% in the first quarter. Vanguard Group Inc. now owns 8,468,455 shares of the bank’s stock worth $730,065,000 after buying an additional 381,319 shares during the period. Beutel Goodman & Co Ltd. raised its stake in Canadian Imperial Bank of Commerce by 4.5% in the first quarter. Beutel Goodman & Co Ltd. now owns 6,725,603 shares of the bank’s stock worth $578,950,000 after buying an additional 289,715 shares during the period. Acadian Asset Management LLC raised its stake in Canadian Imperial Bank of Commerce by 7.2% in the second quarter. Acadian Asset Management LLC now owns 6,091,971 shares of the bank’s stock worth $494,364,000 after buying an additional 407,672 shares during the period. OMERS ADMINISTRATION Corp raised its stake in Canadian Imperial Bank of Commerce by 1.2% in the first quarter. OMERS ADMINISTRATION Corp now owns 3,724,840 shares of the bank’s stock worth $320,269,000 after buying an additional 45,790 shares during the period. Finally, CIBC World Markets Inc. raised its stake in Canadian Imperial Bank of Commerce by 4.0% in the first quarter. CIBC World Markets Inc. now owns 2,420,856 shares of the bank’s stock worth $208,702,000 after buying an additional 94,109 shares during the period. 47.69% of the stock is owned by institutional investors and hedge funds.
Canadian Imperial Bank of Commerce (NYSE:CM) opened at 86.22 on Wednesday. Canadian Imperial Bank of Commerce has a 12-month low of $72.62 and a 12-month high of $92.22. The company has a 50-day moving average price of $83.01 and a 200-day moving average price of $83.96. The firm has a market cap of $34.63 billion, a P/E ratio of 9.05 and a beta of 1.09.
The company also recently announced a quarterly dividend, which was paid on Friday, July 28th. Shareholders of record on Wednesday, June 28th were paid a $0.9406 dividend. This represents a $3.76 annualized dividend and a yield of 4.36%. The ex-dividend date was Monday, June 26th. Canadian Imperial Bank of Commerce’s payout ratio is 41.18%.
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CM has been the subject of a number of research analyst reports. National Bank Financial reissued an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 18th. BidaskClub raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research report on Thursday, July 13th. Zacks Investment Research lowered shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Tuesday, April 25th. Finally, Canaccord Genuity initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, July 18th. They issued a “buy” rating for the company. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. Canadian Imperial Bank of Commerce has a consensus rating of “Hold” and an average target price of $100.63.
About Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.
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