Baskin Financial Services Inc. Cuts Holdings in Canadian Imperial Bank of Commerce (CM)

Baskin Financial Services Inc. cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 14.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,505 shares of the bank’s stock after selling 770 shares during the quarter. Baskin Financial Services Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $356,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Liberty Wealth Management LLC purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $31,000. Advisory Services Network LLC raised its position in Canadian Imperial Bank of Commerce by 108.0% in the fourth quarter. Advisory Services Network LLC now owns 443 shares of the bank’s stock valued at $33,000 after purchasing an additional 230 shares during the period. Financial Gravity Companies Inc. purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $38,000. Capital Investment Advisory Services LLC purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $37,000. Finally, Laurel Wealth Advisors LLC purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $39,000. 46.69% of the stock is currently owned by institutional investors.

CM has been the topic of a number of analyst reports. Barclays reaffirmed an “average” rating and set a $123.00 target price on shares of Canadian Imperial Bank of Commerce in a research report on Friday, March 1st. Zacks Investment Research lowered Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 4th. ValuEngine raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Tuesday, February 5th. Scotiabank reaffirmed an “average” rating and set a $126.00 target price on shares of Canadian Imperial Bank of Commerce in a research report on Friday, February 22nd. Finally, Canaccord Genuity reaffirmed an “average” rating and set a $125.00 target price on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, February 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $125.43.

Shares of NYSE CM traded down $0.01 during midday trading on Monday, reaching $82.52. 284,821 shares of the company’s stock were exchanged, compared to its average volume of 400,975. Canadian Imperial Bank of Commerce has a 52-week low of $72.96 and a 52-week high of $96.98. The firm has a market cap of $36.58 billion, a price-to-earnings ratio of 8.84, a PEG ratio of 4.85 and a beta of 1.14. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.06 and a current ratio of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, February 28th. The bank reported $2.26 EPS for the quarter, missing the Zacks’ consensus estimate of $2.37 by ($0.11). The firm had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.51 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.70% and a net margin of 19.44%. As a group, research analysts predict that Canadian Imperial Bank of Commerce will post 9.42 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, April 29th. Investors of record on Thursday, March 28th will be paid a $1.0616 dividend. This represents a $4.25 dividend on an annualized basis and a yield of 5.15%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.03. The ex-dividend date is Wednesday, March 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 45.50%.

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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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

See Also: Balance Sheet

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

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