Scotia Capital Lowers stake in Canadian Imperial Bank of Commerce (USA) (CM)

Canadian Imperial Bank of Commerce (USA) (CM) : Scotia Capital reduced its stake in Canadian Imperial Bank of Commerce (USA) by 4.17% during the most recent quarter end. The investment management company now holds a total of 981,552 shares of Canadian Imperial Bank of Commerce (USA) which is valued at $76,001,571 after selling 42,687 shares in Canadian Imperial Bank of Commerce (USA) , the firm said in a disclosure report filed with the SEC on Aug 11, 2016.Canadian Imperial Bank of Commerce (USA) makes up approximately 1.65% of Scotia Capital’s portfolio.

Other Hedge Funds, Including , Tower Research Capital (trc) added CM to its portfolio by purchasing 100 company shares during the most recent quarter which is valued at $7,743.Quadrant Capital Group boosted its stake in CM in the latest quarter, The investment management firm added 192 additional shares and now holds a total of 551 shares of Canadian Imperial Bank of Commerce (USA) which is valued at $41,848. Canadian Imperial Bank of Commerce (USA) makes up approx 0.03% of Quadrant Capital Group’s portfolio.Shell Asset Management Co reduced its stake in CM by selling 1,147 shares or 1.5% in the most recent quarter. The Hedge Fund company now holds 75,450 shares of CM which is valued at $5,674,595. Canadian Imperial Bank of Commerce (USA) makes up approx 0.13% of Shell Asset Management Co’s portfolio.

Canadian Imperial Bank of Commerce (USA) opened for trading at $77.8 and hit $78.74 on the upside on Tuesday, eventually ending the session at $78.69, with a gain of 1.46% or 1.13 points. The heightened volatility saw the trading volume jump to 4,99,431 shares. Company has a market cap of $31,057 M.

On the company’s financial health, Canadian Imperial Bank of Commerce (USA) reported $2.67 EPS for the quarter, beating the analyst consensus estimate by $ 0.32 according to the earnings call on Aug 25, 2016. Analyst had a consensus of $2.35.Analysts expectations of $ 3719.89.During the same quarter in the previous year, the company posted $2.45 EPS.

Many Wall Street Analysts have commented on Canadian Imperial Bank of Commerce (USA). Shares were Reiterated by RBC Capital Mkts on Jun 30, 2016 to “Sector Perform” and Lowered the Price Target to $ 104 from a previous price target of $106 .

Canadian Imperial Bank of Commerce (CIBC) is a Canada-based financial institution. CIBC serves its clients through three strategic business units: Retail and Business Banking Wealth Management and Wholesale Banking. Its three main operating groups are supported by six functional groups: Technology and Operations; Corporate Development; Finance; Treasury; Administration; and Risk Management which form part of Corporate and Other. Retail and Business Banking provides financial advice banking investment and authorized insurance products and services from over 1100 branches mobile sales force telephone banking and online and mobile banking. Wealth Management provides relationship-based advisory services and a suite of investment solutions to meet the needs of institutional retail and high net worth clients. Wholesale Banking provides a range of credit capital market investment banking merchant banking and research products and services to the clients.

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