RBC Global Asset Management, Inc. has recently announced that it has increased stake in Canadian Imperial Bank of Commerce (NYSE:CM) by 5.40%. After grabbing 52.24 million shares, the institutional investor is now in possession of 2.68 million shares of the Financial Company. The new investment brought the stake of investor firm to 5.73% having worth around $2.19 billion. Moreover, BMO Asset Management, Inc. increased its share by 0.58 million to have a control over 29.1 million shares. And BMO Asset Management Corp. raised its holdings to 0.77 million shares by acquiring 14.9 million shares or 1.63% of the stake.
Canadian Imperial Bank of Commerce (CM) concluded trading on 05/24/23 at a closing price of $40.94, with 1.08 million shares of worth about $44.37 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -13.94% during that period and on Wednesday the price saw a loss of about -1.59%. Currently the company’s common shares owned by public are about 906.77M shares, out of which, 899.98M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 7 analysts are covering the CM stock and their offered price forecasts bring an average price target of $57.66. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $70.00 and could fall to a lowest price of $35.30. The stock’s current price level is 4.75% above of average price target set by the analysts, while a rise to estimated low would result in loss of -15.98% for the stock. However, touching the estimated high of $70.00 would mean a gain of 41.51% for the stock.
Vanguard Total International Stoc, BMO Equal Weight Banks Index ETF, and TD Dividend Growth Fund are the top 3 mutual funds which are holding stakes in Canadian Imperial Bank of Commerce Vanguard Total International Stoc is currently holding 11.66 million shares of worth totaling $489.34 million. The company recently came buying 33699.0 shares which brought its stake up to 1.28% of the company’s outstanding shares. BMO Equal Weight Banks Index ETF sold -0.13 million shares, after which its hold over company’s outstanding shares shrunk to 1.17%, leaving 10.67 million shares with the mutual fund that have a worth of about $447.65 million. TD Dividend Growth Fund, after selling 8.38 million shares, have now control over 0.92% of the stake in the company. It holds -0.14 million shares of worth $351.45 million.
Canadian Imperial Bank of Commerce (NYSE: CM) started trading at $41.12, below -$0.48 from concluding price of the previous day. However, the stock later moved at a day high price of 41.16, or with a loss of -1.59%. Stock saw a price change of -3.03% in past 5 days and over the past one month there was a price change of 0.54%. Year-to-date (YTD), CM shares are showing a performance of 1.21% which decreased to -24.81% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $39.40 but also hit the highest price of $56.68 during that period. The average intraday trading volume for Canadian Imperial Bank of Commerce shares is 1.27 million. The stock is currently trading -1.33% below its 20-day simple moving average (SMA20), while that difference is down -2.38% for SMA50 and it goes to -8.13% lower than SMA200.
RBC Global Asset Management, Inc. acquired 52.24 million shares of Canadian Imperial Bank of Commerce having value of about $2.19 billion. Data submitted at the U.S SEC by RBC Global Asset Management, Inc. revealed that the firm now holds 2.68 million shares in the company valued at close to $109655456.42, or have control over 5.40% stake in the company. Canadian Imperial Bank of Commerce (NYSE: CM) currently have 906.77M outstanding shares and institutions hold larger chunk of about 70.80% of that. Holding of mutual funds in the company is about 18.55% while other institutional holders and individual stake holders have control over 27.46% and — of the stake respectively.
The stock has a current market capitalization of $37.39B and its 3Y-monthly beta is at 1.03. PE ratio of stock for trailing 12 months is 10.93, while it has posted earnings per share of $3.75 in the same period. Its PEG reads 4.05 while making debt-to-equity ratio of 0.16. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CM, volatility over the week remained 1.32% while standing at 1.71% over the month.
Analysts are in expectations that Canadian Imperial Bank of Commerce (CM) stock would likely to be making an EPS of $1.21 in the current quarter, while forecast for next quarter EPS is $1.28 and it is $5.06 for next year. For the current quarter EPS, analysts have given the company a lowest target $1.13 which is $1.34 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $1.37 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -4.10% while it is estimated to decrease by -1.45% in next year. EPS is likely to shrink at an annualized rate of 2.70% for next 5-years, compared to annual growth of 3.50% made by the stock over the past 5-years.
Analysts at 7 brokerage firms have issued recommendations for the Canadian Imperial Bank of Commerce (CM)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.90. Out of those 7 Wall Street analysts, 1 recommended a “Buy” rating, while 3 were in favor recommending the stock as a “Hold” and 1 analyst recommended the stock as “Sell”.
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