Investec Asset Management North America Inc. Purchases 45,365 Shares of Canadian Imperial Bank of Commerce (CM)

Investec Asset Management North America Inc. boosted its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 37.2% during the fourth quarter, Holdings Channel reports. The fund owned 167,404 shares of the company’s stock after buying an additional 45,365 shares during the period. Canadian Imperial Bank of Commerce comprises approximately 2.0% of Investec Asset Management North America Inc.’s portfolio, making the stock its 7th largest position. Investec Asset Management North America Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $13,676,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in the stock. Jarislowsky Fraser Ltd boosted its stake in Canadian Imperial Bank of Commerce by 6,258.3% in the second quarter. Jarislowsky Fraser Ltd now owns 2,005,415 shares of the company’s stock valued at $81,967,000 after buying an additional 1,973,875 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $142,433,000. The Manufacturers Life Insurance Company bought a new stake in Canadian Imperial Bank of Commerce during the third quarter valued at approximately $126,017,000. Virginia Retirement Systems ET AL bought a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $28,700,000. Finally, UBS Asset Management Americas Inc. boosted its stake in Canadian Imperial Bank of Commerce by 26.2% in the third quarter. UBS Asset Management Americas Inc. now owns 1,533,964 shares of the company’s stock valued at $118,737,000 after buying an additional 318,933 shares in the last quarter. 52.82% of the stock is owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

Canadian Imperial Bank of Commerce (NYSE:CM) traded up 0.81% on Friday, reaching $87.92. The company had a trading volume of 390,914 shares. Canadian Imperial Bank of Commerce has a 52-week low of $61.55 and a 52-week high of $88.13. The stock’s 50-day moving average price is $84.61 and its 200 day moving average price is $79.44. The firm has a market capitalization of $34.93 billion, a price-to-earnings ratio of 10.71 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) last issued its quarterly earnings results on Thursday, December 1st. The company reported $2.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.48 by $0.12. The company earned $3.70 billion during the quarter, compared to the consensus estimate of $3.78 billion. Canadian Imperial Bank of Commerce had a return on equity of 19.11% and a net margin of 22.84%. During the same period in the previous year, the firm posted $2.36 EPS. On average, equities analysts anticipate that Canadian Imperial Bank of Commerce will post $7.80 earnings per share for the current fiscal year.

The firm also recently declared a dividend, which was paid on Friday, January 27th. Shareholders of record on Wednesday, December 28th were issued a $0.923 dividend. The ex-dividend date was Friday, December 23rd. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 45.28%.

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Several brokerages recently weighed in on CM. Zacks Investment Research lowered Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Wednesday, February 1st. TD Securities reiterated a “hold” rating and issued a $115.00 price objective (up from $110.00) on shares of Canadian Imperial Bank of Commerce in a research report on Sunday, December 4th. Scotiabank reiterated a “sector perform” rating and issued a $105.00 price objective on shares of Canadian Imperial Bank of Commerce in a research report on Sunday, October 23rd. Finally, Bank of America Corporation began coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, November 1st. They issued an “underperform” rating and a $72.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $100.01.

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.

5 Day Chart for NYSE:CM

Want to see what other hedge funds are holding CM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM).

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