Shell Asset Management Co. Sells 17,036 Shares of Canadian Imperial Bank of Commerce $CM

Shell Asset Management Co. decreased its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 36.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 30,326 shares of the bank’s stock after selling 17,036 shares during the period. Shell Asset Management Co.’s holdings in Canadian Imperial Bank of Commerce were worth $2,424,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Cidel Asset Management Inc. lifted its stake in Canadian Imperial Bank of Commerce by 12.2% during 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 grew its position in Canadian Imperial Bank of Commerce by 17.4% in the third quarter. Tacita Capital Inc now owns 10,368 shares of the bank’s stock valued at $829,000 after acquiring an additional 1,540 shares during the last quarter. Varma Mutual Pension Insurance Co raised its stake 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 worth $15,675,000 after acquiring an additional 15,700 shares in the last quarter. Leuthold Group LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 3.3% in the third quarter. Leuthold Group LLC now owns 86,142 shares of the bank’s stock worth $6,882,000 after acquiring an additional 2,766 shares during the last quarter. Finally, Stratos Wealth Partners LTD. boosted its stake in shares of Canadian Imperial Bank of Commerce by 35.6% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 6,408 shares of the bank’s stock valued at $512,000 after purchasing an additional 1,683 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Trading Up 0.5%

Shares of NYSE CM opened at $95.78 on Friday. The firm has a 50 day moving average price of $92.84 and a two-hundred day moving average price of $84.54. The stock has a market cap of $88.75 billion, a P/E ratio of 15.73, a price-to-earnings-growth ratio of 1.29 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $98.50. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.04 and a current ratio of 1.04.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.08. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.91 earnings per share. As a group, equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.5%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date was Monday, December 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 50.25%.

Analyst Ratings Changes

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

About Canadian Imperial Bank of Commerce

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.