CANADA LIFE ASSURANCE Co Increases Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

CANADA LIFE ASSURANCE Co raised its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 18.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 719,366 shares of the bank’s stock after buying an additional 112,192 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.08% of Canadian Imperial Bank of Commerce worth $36,539,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bessemer Group Inc. lifted its position in Canadian Imperial Bank of Commerce by 1,366.8% during the first quarter. Bessemer Group Inc. now owns 71,228 shares of the bank’s stock valued at $3,612,000 after buying an additional 66,372 shares during the period. UniSuper Management Pty Ltd grew its stake in shares of Canadian Imperial Bank of Commerce by 94.1% during the 1st quarter. UniSuper Management Pty Ltd now owns 13,200 shares of the bank’s stock valued at $670,000 after purchasing an additional 6,400 shares during the period. O Shaughnessy Asset Management LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 9.7% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 193,415 shares of the bank’s stock valued at $9,810,000 after purchasing an additional 17,128 shares during the period. Hillsdale Investment Management Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 88.6% during the 1st quarter. Hillsdale Investment Management Inc. now owns 473,066 shares of the bank’s stock valued at $23,989,000 after purchasing an additional 222,290 shares during the period. Finally, Acadian Asset Management LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 1,345.5% during the 1st quarter. Acadian Asset Management LLC now owns 31,800 shares of the bank’s stock valued at $1,613,000 after acquiring an additional 29,600 shares during the period. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Up 0.7 %

NYSE:CM traded up $0.33 during midday trading on Thursday, hitting $50.45. 437,421 shares of the company traded hands, compared to its average volume of 1,527,285. The firm’s fifty day moving average is $48.78 and its 200-day moving average is $48.04. The firm has a market capitalization of $47.58 billion, a P/E ratio of 10.31, a P/E/G ratio of 2.00 and a beta of 1.06. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $51.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a return on equity of 13.06% and a net margin of 10.46%. The company had revenue of $4.54 billion for the quarter, compared to the consensus estimate of $4.48 billion. On average, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Stockholders of record on Friday, June 28th will be given a dividend of $0.653 per share. This represents a $2.61 dividend on an annualized basis and a dividend yield of 5.18%. The ex-dividend date is Friday, June 28th. Canadian Imperial Bank of Commerce’s payout ratio is 54.32%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. BMO Capital Markets boosted their price objective on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a research note on Friday, May 31st. StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. UBS Group began coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Finally, Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of “Hold” and a consensus target price of $67.00.

About Canadian Imperial Bank of Commerce

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.