U.S. expansion and Canadian housing will be key drivers for CIBC.
Canadian Imperial Bank of Commerce posted a solid third quarter, with adjusted return on equity of 17.3%, down from the previous quarter, but still largely in line with our long-term expectations of 15%-16%. Regulatory capital levels fell to 10.4% from 12.2% as the PrivateBank acquisition was completed. After making several adjustments to our model and accounting for the latest exchanges rates, we are lowering our fair value estimates to CAD 114 and $91. With returns and growth still largely mee...Canadian Imperial Bank of Commerce is a financial institution. Through its three business units, Co. provides a range of financial products and services to individual, small business, commercial, corporate and institutional clients in Canada and around the world. Co.'s Retail and Business Banking business unit provides financial advice, products and services. Co.'s Wealth Management business unit provides integrated advice and investment solutions. Co.'s Capital Markets business unit provides integrated credit and global markets products, investment banking advisory services and research. As of Oct 31 2017, Co. had total assets of C$565.26 billion and total deposits of C$439.71 billion.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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