Pictet Asset Management Holding SA Sells 19,820 Shares of Canadian Imperial Bank of Commerce $CM

Pictet Asset Management Holding SA trimmed its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 5.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 379,527 shares of the bank’s stock after selling 19,820 shares during the period. Pictet Asset Management Holding SA’s holdings in Canadian Imperial Bank of Commerce were worth $35,841,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Canerector Inc. increased its stake in Canadian Imperial Bank of Commerce by 11,021.0% in the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock valued at $1,776,913,000 after purchasing an additional 22,042,000 shares in the last quarter. Norges Bank bought a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth $958,383,000. Mackenzie Financial Corp grew its holdings in shares of Canadian Imperial Bank of Commerce by 69.3% in the 4th quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock valued at $986,173,000 after buying an additional 4,419,968 shares during the period. FIL Ltd grew its holdings in shares of Canadian Imperial Bank of Commerce by 26.1% in the 4th quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock valued at $1,156,438,000 after buying an additional 2,643,495 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Canadian Imperial Bank of Commerce by 24.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank’s stock valued at $808,281,000 after buying an additional 1,720,220 shares during the period. Institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Raymond James Financial reaffirmed a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Zacks Research lowered Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Weiss Ratings cut Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, June 4th. Finally, Scotiabank reiterated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

CM opened at $115.10 on Wednesday. The business’s 50-day moving average price is $111.54 and its two-hundred day moving average price is $101.40. Canadian Imperial Bank of Commerce has a 1 year low of $70.68 and a 1 year high of $117.05. The company has a market capitalization of $105.07 billion, a price-to-earnings ratio of 15.81, a P/E/G ratio of 1.23 and a beta of 1.02. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.08. The company had revenue of $5.89 billion during the quarter, compared to analysts’ expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.Canadian Imperial Bank of Commerce’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.05 earnings per share. Equities analysts expect that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be given a dividend of $1.07 per share. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a yield of 3.7%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 42.58%.

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.