Scotia Capital Inc. Raises Stake in Canadian Imperial Bank of Commerce (CM)

Scotia Capital Inc. grew its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 10.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,142,679 shares of the bank’s stock after purchasing an additional 103,558 shares during the period. Canadian Imperial Bank of Commerce comprises 1.6% of Scotia Capital Inc.’s portfolio, making the stock its 13th largest holding. Scotia Capital Inc. owned about 0.28% of Canadian Imperial Bank of Commerce worth $92,722,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 177.4% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 6,738 shares of the bank’s stock valued at $548,000 after purchasing an additional 4,309 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Canadian Imperial Bank of Commerce by 63.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,876,904 shares of the bank’s stock valued at $233,390,000 after purchasing an additional 1,115,584 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of Canadian Imperial Bank of Commerce by 75.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,072,552 shares of the bank’s stock valued at $87,048,000 after purchasing an additional 462,738 shares during the period. CNH Partners LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $1,165,000. Finally, Cubist Systematic Strategies LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 128.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 15,722 shares of the bank’s stock valued at $1,276,000 after purchasing an additional 8,840 shares during the period. Institutional investors own 46.45% of the company’s stock.

A number of equities analysts have recently weighed in on the company. BidaskClub upgraded Canadian Imperial Bank of Commerce from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 13th. Zacks Investment Research upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. TD Securities upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and set a $120.00 target price on the stock in a report on Wednesday, September 6th. Finally, Canaccord Genuity set a $117.00 target price on Canadian Imperial Bank of Commerce and gave the company a “buy” rating in a report on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $101.80.

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Shares of Canadian Imperial Bank of Commerce (NYSE CM) traded up 1.24% during trading on Tuesday, hitting $89.08. The stock had a trading volume of 190,460 shares. Canadian Imperial Bank of Commerce has a 1-year low of $72.62 and a 1-year high of $92.22. The company has a market capitalization of $38.83 billion, a price-to-earnings ratio of 9.84 and a beta of 1.09. The firm has a 50 day moving average of $86.77 and a 200 day moving average of $83.57.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Thursday, September 28th will be issued a dividend of $1.0329 per share. This represents a $4.13 annualized dividend and a dividend yield of 4.70%. The ex-dividend date of this dividend is Wednesday, September 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.94. Canadian Imperial Bank of Commerce’s payout ratio is 49.82%.

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.

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

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