Envestnet Asset Management Inc. Has $37.76 Million Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Envestnet Asset Management Inc. lifted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 794,362 shares of the bank’s stock after purchasing an additional 34,573 shares during the period. Envestnet Asset Management Inc. owned 0.08% of Canadian Imperial Bank of Commerce worth $37,764,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Canadian Imperial Bank of Commerce by 1.9% during the first quarter. Vanguard Group Inc. now owns 35,913,241 shares of the bank’s stock worth $1,821,520,000 after purchasing an additional 675,786 shares during the period. Bank of Nova Scotia grew its stake in Canadian Imperial Bank of Commerce by 8.1% in the 4th quarter. Bank of Nova Scotia now owns 24,915,095 shares of the bank’s stock valued at $1,199,627,000 after buying an additional 1,872,709 shares during the last quarter. TD Asset Management Inc raised its holdings in Canadian Imperial Bank of Commerce by 13.8% in the 4th quarter. TD Asset Management Inc now owns 22,550,346 shares of the bank’s stock worth $1,091,089,000 after acquiring an additional 2,730,076 shares during the period. Cibc World Market Inc. lifted its position in Canadian Imperial Bank of Commerce by 18.9% during the 2nd quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock worth $938,834,000 after acquiring an additional 3,143,734 shares during the last quarter. Finally, National Bank of Canada FI boosted its holdings in Canadian Imperial Bank of Commerce by 26.8% during the second quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock valued at $867,377,000 after acquiring an additional 3,875,280 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CM has been the topic of a number of recent analyst reports. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, August 30th. Keefe, Bruyette & Woods upgraded Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Finally, UBS Group started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

CM opened at $61.68 on Friday. The stock’s 50 day simple moving average is $54.38 and its 200-day simple moving average is $50.70. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15. The stock has a market cap of $58.17 billion, a PE ratio of 12.69, a P/E/G ratio of 1.85 and a beta of 1.07. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $62.01.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. The company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.63%. The business’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.14 EPS. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date of this dividend is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 54.73%.

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.