Sustainable Insight Capital Management LLC Buys New Shares in Canadian Imperial Bank of Commerce (NYSE:CM)

Sustainable Insight Capital Management LLC purchased a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 3rd quarter, Holdings Channel reports. The firm purchased 7,400 shares of the bank’s stock, valued at approximately $454,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CM. Vanguard Group Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 1.9% in the first quarter. Vanguard Group Inc. now owns 35,913,241 shares of the bank’s stock valued at $1,821,520,000 after acquiring an additional 675,786 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after purchasing an additional 3,942,894 shares during the last quarter. Cibc World Market Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 18.9% during the 2nd quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock worth $938,834,000 after purchasing an additional 3,143,734 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of Canadian Imperial Bank of Commerce by 26.8% in the 2nd quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock valued at $867,377,000 after buying an additional 3,875,280 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Canadian Imperial Bank of Commerce by 3.3% in the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock valued at $342,946,000 after buying an additional 228,130 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $64.33 on Friday. Canadian Imperial Bank of Commerce has a 52 week low of $37.29 and a 52 week high of $64.79. The company has a 50-day simple moving average of $61.53 and a 200 day simple moving average of $53.78. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $60.77 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 1.84 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.19. The business had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. During the same quarter in the previous year, the company earned $1.14 EPS. The business’s revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.34 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were paid a $0.652 dividend. This represents a $2.61 annualized dividend and a dividend yield of 4.05%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 52.46%.

Analyst Ratings Changes

CM has been the topic of several analyst reports. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Finally, Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.