15,956 Shares in Canadian Imperial Bank of Commerce $CM Acquired by Tacita Capital Inc

Key Points

• Tacita Capital acquired 15,956 shares of Canadian Imperial Bank of Commerce in the second quarter, valued at approximately $1.83 million and representing about 1% of its portfolio. Institutional investors collectively own 49.88% of CIBC.
• CIBC reported quarterly EPS of $1.86, exceeding estimates by $0.08, while revenue rose 14% year over year to $5.89 billion. The bank also pays an annualized dividend of $4.28 per share, yielding approximately 3.6%.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $167, compared with the share price of $118.01 cited in the article.

Tacita Capital Inc acquired a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 15,956 shares of the bank's stock, valued at approximately $1,834,000. Canadian Imperial Bank of Commerce comprises approximately 1.0% of Tacita Capital Inc's investment portfolio, making the stock its 22nd biggest holding.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bell Investment Advisors Inc purchased a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth $36,000. EFG International AG purchased a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth about $35,000. Larson Financial Group LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 119.7% in the third quarter. Larson Financial Group LLC now owns 402 shares of the bank's stock worth $32,000 after buying an additional 219 shares in the last quarter. Global Assets Advisory LLC acquired a new position in Canadian Imperial Bank of Commerce during the first quarter worth about $54,000. Finally, Parkside Financial Bank & Trust grew its stake in Canadian Imperial Bank of Commerce by 2,758.6% during the 4th quarter. Parkside Financial Bank & Trust now owns 829 shares of the bank's stock valued at $75,000 after acquiring an additional 800 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock opened at $118.01 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $107.73 billion, a PE ratio of 16.21, a price-to-earnings-growth ratio of 1.32 and a beta of 1.01. The firm's 50-day moving average is $116.99 and its two-hundred day moving average is $108.05. Canadian Imperial Bank of Commerce has a 12 month low of $72.57 and a 12 month high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.08. The business had revenue of $5.89 billion during the quarter, compared to analysts' expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The business's revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.05 EPS. Analysts predict that Canadian Imperial Bank of Commerce will post 7.33 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 28th. Investors of record on Monday, June 29th were issued a $1.07 dividend. The ex-dividend date was Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a yield of 3.6%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 42.58%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CM shares. Jefferies Financial Group reissued a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Weiss Ratings raised Canadian Imperial Bank of Commerce from a "buy (b)" rating to a "buy (b+)" rating in a research note on Friday, July 31st. Finally, Royal Bank Of Canada boosted their price objective on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an "outperform" rating in a research note on Monday, June 1st. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and an average price target of $167.00.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

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