APG Asset Management N.V. Acquires 71,200 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

APG Asset Management N.V. grew its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 238.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 101,082 shares of the bank’s stock after acquiring an additional 71,200 shares during the quarter. APG Asset Management N.V.’s holdings in Canadian Imperial Bank of Commerce were worth $4,484,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Ridgewood Investments LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter valued at about $29,000. Whittier Trust Co. of Nevada Inc. bought a new stake in Canadian Imperial Bank of Commerce during the second quarter worth about $51,000. Jones Financial Companies Lllp bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $107,000. BNP Paribas Financial Markets bought a new stake in Canadian Imperial Bank of Commerce during the first quarter worth about $175,000. Finally, Independence Bank of Kentucky lifted its position in Canadian Imperial Bank of Commerce by 37.8% during the first quarter. Independence Bank of Kentucky now owns 3,646 shares of the bank’s stock worth $185,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 1.7 %

Shares of NYSE CM opened at $61.21 on Monday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market cap of $57.72 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 1.86 and a beta of 1.07. Canadian Imperial Bank of Commerce has a 12 month low of $34.35 and a 12 month high of $62.67. The stock has a 50-day moving average price of $55.55 and a two-hundred day moving average price of $51.15.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The company had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.28 billion. During the same quarter in the prior year, the firm posted $1.14 earnings per share. The firm’s revenue was up 12.9% compared to the same quarter last year. As a group, analysts forecast that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be paid a $0.652 dividend. This represents a $2.61 annualized dividend and a dividend yield of 4.26%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 54.73%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, August 30th. BMO Capital Markets upped their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Finally, UBS Group began coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They set a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus price target of $81.00.

Canadian Imperial Bank of Commerce 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.