Acadian Asset Management LLC Buys 956,000 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• Acadian Asset Management LLC significantly increased its stake in the Canadian Imperial Bank of Commerce by 1,036.9%, acquiring an additional 956,000 shares for a total of approximately 1,048,200 shares valued at $58.9 million.
• The Canadian Imperial Bank of Commerce reported $1.57 EPS for the latest quarter, exceeding analysts' expectations of $1.43, with revenue growing 3.3% year-over-year.
• The bank announced a dividend increase to $0.97 per share, up from the previous $0.70, representing an annual yield of 4.9%.

Acadian Asset Management LLC raised its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 1,036.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,048,200 shares of the bank's stock after buying an additional 956,000 shares during the period. Acadian Asset Management LLC owned about 0.11% of Canadian Imperial Bank of Commerce worth $58,942,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in CM. Ameriprise Financial Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 2.3% in the 4th quarter. Ameriprise Financial Inc. now owns 29,735 shares of the bank's stock worth $1,880,000 after buying an additional 663 shares during the last quarter. Focus Partners Wealth increased its holdings in shares of Canadian Imperial Bank of Commerce by 18.5% in the 4th quarter. Focus Partners Wealth now owns 7,401 shares of the bank's stock worth $468,000 after buying an additional 1,155 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 0.3% in the 4th quarter. Nuveen Asset Management LLC now owns 1,085,906 shares of the bank's stock worth $68,656,000 after buying an additional 2,802 shares during the last quarter. Quantinno Capital Management LP increased its holdings in shares of Canadian Imperial Bank of Commerce by 5.7% in the 4th quarter. Quantinno Capital Management LP now owns 38,357 shares of the bank's stock worth $2,425,000 after buying an additional 2,065 shares during the last quarter. Finally, Toronto Dominion Bank increased its holdings in shares of Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock worth $1,398,619,000 after buying an additional 234,088 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Up 0.9%

NYSE:CM opened at $78.82 on Thursday. The company has a fifty day moving average of $73.95 and a 200 day moving average of $66.45. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $79.67. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $73.26 billion, a P/E ratio of 13.31, a P/E/G ratio of 1.69 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The company had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.12 billion. During the same period in the prior year, the business posted $1.93 EPS. The firm's revenue was up 3.3% compared to the same quarter last year. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be issued a $0.97 dividend. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date is Monday, September 29th. This represents a $3.88 annualized dividend and a yield of 4.9%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 47.64%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CM. National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. BMO Capital Markets boosted their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Royal Bank Of Canada boosted their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $107.50.

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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