Canadian Imperial Bank of Commerce (NYSE:CM) Posts Quarterly Earnings Results, Beats Expectations By $0.17 EPS

Key Points

• Canadian Imperial Bank of Commerce reported a quarterly earnings result of $1.57 EPS, surpassing the expected $1.40 EPS by $0.17.
• The bank has announced an increase in its quarterly dividend from $0.70 to $0.97 per share, with a dividend yield of 5.2%.
• Institutional investors own 49.88% of the bank, with significant increases in positions by several hedge funds during the second quarter.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM announced its quarterly earnings results on Thursday. The bank reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17, Zacks reports. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%.

Canadian Imperial Bank of Commerce Stock Performance

CM opened at $75.26 on Thursday. The stock has a market cap of $69.96 billion, a PE ratio of 13.23, a P/E/G ratio of 1.62 and a beta of 1.06. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $75.73. The stock's 50 day simple moving average is $72.39 and its 200-day simple moving average is $65.33.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be given a dividend of $0.97 per share. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. This represents a $3.88 dividend on an annualized basis and a dividend yield of 5.2%. Canadian Imperial Bank of Commerce's payout ratio is currently 49.56%.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of institutional investors and hedge funds have recently modified their holdings of CM. EverSource Wealth Advisors LLC increased its position in shares of Canadian Imperial Bank of Commerce by 12.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank's stock valued at $128,000 after purchasing an additional 193 shares during the period. NewEdge Advisors LLC increased its position in shares of Canadian Imperial Bank of Commerce by 7,315.0% during the second quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank's stock valued at $210,000 after purchasing an additional 2,926 shares during the period. Headlands Technologies LLC acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at $220,000. Vident Advisory LLC acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at $315,000. Finally, Benjamin Edwards Inc. boosted its stake in Canadian Imperial Bank of Commerce by 21.6% in the 2nd quarter. Benjamin Edwards Inc. now owns 5,255 shares of the bank's stock valued at $372,000 after buying an additional 935 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on CM shares. Scotiabank started coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a "sector outperform" rating on the stock. BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Royal Bank Of Canada raised their price objective on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of "Moderate Buy" and an average price target of $109.00.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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