1832 Asset Management LP recently announced the acquisition of new stake in Canadian Imperial Bank of Commerce (NYSE:CM). The institutional investor has increased its shareholding in the Financial company by 3.53% to 42.52 million shares with purchase of 1.45 million shares. This fresh investment now brings its stake to 4.69% valued currently at $1.94 billion. In addition, BMO Asset Management, Inc. raised its holdings by 0.58 million to 29.1 million shares. And The Vanguard Group, Inc. has lifted its position by 1.23% or 0.26 million shares – to 21.31 million shares.
With over 2.23 million Canadian Imperial Bank of Commerce (CM) shares trading Tuesday and a closing price of $41.99 on the day, the dollar volume was approximately $93.63 million. The shares have shown a negative half year performance of -15.51% and its price on 03/14/23 gained nearly 1.47%. Currently, there are 906.77M common shares owned by the public and among those 899.98M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for CM have a consensus price objective of $54.83. The analysts have set the share’s price value over the next 12 months at a high of $70.00 and a low of $35.30. The average price target is -2.99% below its recent price level and a downside to the estimated low will see the stock lose -18.95% over that period. But an upside of 40.01% will see the stock hit the forecast high price target while median target price for the stock is $57.00.
The top 3 mutual fund holders in Canadian Imperial Bank of Commerce are Vanguard Total International Stoc, TD Dividend Growth Fund, and RBC Canadian Dividend Fund. Vanguard Total International Stoc owns 11.64 million shares of the company’s stock, all valued at over $532.53 million. The company sold 76797.0 shares recently to bring their total holdings to about 1.29% of the shares outstanding. TD Dividend Growth Fund bought 0.28 million shares to see its total holdings expand to 8.52 million shares valued at over $389.64 million and representing 0.94% of the shares outstanding. RBC Canadian Dividend Fund sold -0.36 million shares to bring its total holdings to over 8.24 million shares at a value of $376.72 million. RBC Canadian Dividend Fund now owns shares totaling to 0.91% of the shares outstanding.
Shares of Canadian Imperial Bank of Commerce (NYSE: CM) opened at $42.60, up $1.22 from a prior closing price of $41.38. However, the script later moved the day high at 42.65, up 1.47%. The company’s stock has a 5-day price change of -6.50% and -2.10% over the past three months. CM shares are trading 3.81% year to date (YTD), with the 12-month market performance down to -32.64% lower. It has a 12-month low price of $39.40 and touched a high of $65.81 over the same period. CM has an average intraday trading volume of 1.04 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -7.30%, -5.38%, and -10.06% respectively.
Institutional ownership of Canadian Imperial Bank of Commerce (NYSE: CM) shares accounts for 70.80% of the company’s 906.77M shares outstanding. Mutual fund holders own 19.66%, while other institutional holders and individual stakeholders account for 27.60% and — respectively.
It has a market capitalization of $38.78B and a beta (3y monthly) value of 1.06. The stock’s trailing 12-month PE ratio is 11.48, while the earnings-per-share (ttm) stands at $3.66. The company has a PEG of 3.70 and the debt-to-equity ratio at 0.16. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.31% over the week and 2.08% over the month.
Analysts forecast that Canadian Imperial Bank of Commerce (CM) will achieve an EPS of $1.27 for the current quarter, $1.24 for the next quarter and $5.12 for 2024. The lowest estimate earnings-per-share for the quarter is $1.16 while analysts give the company a high EPS estimate of $1.35. Comparatively, EPS for the current quarter was $1.57 a year ago. Earnings per share for the fiscal year are expected to decrease by -4.10%, and -1.22% over the next financial year. EPS should shrink at an annualized rate of 3.10% over the next five years, compared to 3.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Canadian Imperial Bank of Commerce (CM) as a “Hold” at a consensus score of 3.60. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 3 of the 7 advise that investors “hold,” and 1 rated it as a “Sell.”
Stifel on their part issued Hold rating on February 18, 2022.
