Foresight Global Investors Inc. Reduces Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Foresight Global Investors Inc. reduced its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 20.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 310,041 shares of the bank’s stock after selling 77,278 shares during the quarter. Canadian Imperial Bank of Commerce accounts for approximately 8.6% of Foresight Global Investors Inc.’s investment portfolio, making the stock its 5th largest holding. Foresight Global Investors Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $14,925,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Metis Global Partners LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 15.8% in the 4th quarter. Metis Global Partners LLC now owns 55,876 shares of the bank’s stock valued at $2,690,000 after acquiring an additional 7,635 shares during the period. AJOVista LLC purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $597,000. Sapient Capital LLC bought a new position in Canadian Imperial Bank of Commerce in the fourth quarter worth about $214,000. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at about $392,000. Finally, Natixis Advisors L.P. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 19.2% in the 4th quarter. Natixis Advisors L.P. now owns 40,776 shares of the bank’s stock valued at $1,962,000 after buying an additional 6,557 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CM has been the subject of a number of analyst reports. Scotiabank raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research report on Tuesday, February 20th. Barclays began coverage on Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They set an “underweight” rating on the stock. Finally, Jefferies Financial Group started coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, February 22nd. They issued a “buy” rating for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $63.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock traded up $0.51 on Thursday, reaching $49.10. 684,744 shares of the stock were exchanged, compared to its average volume of 1,705,783. Canadian Imperial Bank of Commerce has a twelve month low of $34.35 and a twelve month high of $51.14. The business has a 50 day moving average price of $48.86 and a two-hundred day moving average price of $45.24. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $46.05 billion, a price-to-earnings ratio of 10.15, a PEG ratio of 2.25 and a beta of 1.07.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, February 29th. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.24 by $0.10. The business had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.47 billion. Canadian Imperial Bank of Commerce had a net margin of 10.79% and a return on equity of 13.07%. Analysts anticipate that Canadian Imperial Bank of Commerce will post 5.04 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 29th. Stockholders of record on Thursday, March 28th were issued a $0.6634 dividend. This represents a $2.65 annualized dividend and a dividend yield of 5.40%. The ex-dividend date was Wednesday, March 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. Canadian Imperial Bank of Commerce’s payout ratio is 54.75%.

Canadian Imperial Bank of Commerce Company 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.