Galibier Capital Management Ltd. Has $25.29 Million Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Galibier Capital Management Ltd. trimmed its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.8% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 498,398 shares of the bank’s stock after selling 14,524 shares during the quarter. Canadian Imperial Bank of Commerce accounts for approximately 6.1% of Galibier Capital Management Ltd.’s holdings, making the stock its 9th biggest holding. Galibier Capital Management Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $25,291,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at about $404,008,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Canadian Imperial Bank of Commerce by 94.4% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,080,761 shares of the bank’s stock valued at $292,949,000 after buying an additional 2,952,277 shares during the last quarter. TD Asset Management Inc boosted its position in shares of Canadian Imperial Bank of Commerce by 13.8% during the fourth quarter. TD Asset Management Inc now owns 22,550,346 shares of the bank’s stock worth $1,091,089,000 after buying an additional 2,730,076 shares during the period. FIL Ltd grew its holdings in Canadian Imperial Bank of Commerce by 218.0% in the 4th quarter. FIL Ltd now owns 3,195,091 shares of the bank’s stock worth $153,841,000 after buying an additional 2,190,378 shares in the last quarter. Finally, Mufg Securities Canada LTD. acquired a new stake in Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $94,373,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM traded down $0.32 during mid-day trading on Friday, hitting $47.54. The company’s stock had a trading volume of 719,877 shares, compared to its average volume of 1,264,399. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a 50-day moving average price of $48.37 and a 200 day moving average price of $47.76. Canadian Imperial Bank of Commerce has a fifty-two week low of $34.35 and a fifty-two week high of $51.14. The stock has a market capitalization of $44.83 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 1.91 and a beta of 1.06.

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

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Friday, June 28th will be given a $0.653 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 5.49%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 54.53%.

Analysts Set New Price Targets

A number of brokerages have issued reports on CM. BMO Capital Markets boosted their price target on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a research report on Friday, May 31st. Barclays started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They issued an “underweight” rating for the company. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Thursday, June 20th. Finally, Keefe, Bruyette & Woods upgraded shares of 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, two have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $67.00.

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.