CIBC Asset Management ETFs Nearly Reach C$3B

CIBC’s (TSE: CM) CIBC Asset Management Inc. (CAM) announced Monday that the first four exchange-traded funds (ETFs) in its ETF Solutions Series have reached nearly C$3 billion in combined assets.

Launched three years ago, these low-cost ETFs complement CIBC’s wide range of innovative investment funds. 

CIBC’s ETFs Celebrate 3rd Anniversary 

Over the past three years, CAM has expanded its lineup of ETFs to include solutions that provide exposure to responsible investing-focused investments, such as clean energy and low-volatility dividend income strategies for income-seeking investors who prefer equity investments with reduced volatility.  

This year, CAM celebrates its 50th anniversary. It has become one of the largest asset managers in Canada.  

Management Commentary 

CAM president and CEO David Scandiffio said, “Our entry into the growing ETF industry three years ago was a natural extension of our investment capabilities, allowing us to provide investors with more investing options in terms of structure, price, and ease of use. We started with four funds, and we’re now at 27 funds. The track record of these funds is a testament to our innovative investment process.” 

Wall Street’s Take

On January 19, Barclays analyst John Aiken downgraded CM from Buy to Hold and raised its price target to C$169 (from C$162).

This implies 8.2% upside potential.  

Aiken stated that CIBC’s turnaround in its domestic retail banking franchise has “been remarkable” but that this story has entered the later innings. 

Overall, consensus among Wall Street analysts is that CM is a Strong Buy based on seven Buys and one Hold.

The average Canadian Imperial Bank of Commerce price target of C$166.12 implies 3.7% upside potential to current levels.  

TipRanks’ Smart Score 

CM scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock returns have good chances to beat the overall market.   

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