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

Other hedge funds have also recently made changes to their positions in the company. TruNorth Capital Management LLC raised its position in shares of Canadian Imperial Bank of Commerce by 156.0% during the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after buying an additional 312 shares in the last quarter. HM Payson & Co. bought a new position in Canadian Imperial Bank of Commerce during the 1st quarter valued at about $29,000. Truvestments Capital LLC bought a new position in Canadian Imperial Bank of Commerce during the 1st quarter valued at about $32,000. Private Trust Co. NA grew its holdings in Canadian Imperial Bank of Commerce by 40.0% during the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after purchasing an additional 223 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Canadian Imperial Bank of Commerce by 51.1% during the 1st quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock valued at $51,000 after purchasing an additional 305 shares during the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Up 0.5%

Shares of NYSE CM traded up $0.39 during midday trading on Tuesday, reaching $80.03. 272,544 shares of the company's stock traded hands, compared to its average volume of 1,179,240. 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 stock's 50 day simple moving average is $74.39 and its 200-day simple moving average is $66.93. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $79.93. The company has a market cap of $74.38 billion, a price-to-earnings ratio of 13.52, a P/E/G ratio of 1.71 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its 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 analysts' expectations of $5.12 billion. During the same quarter in the prior year, the company posted $1.93 earnings per share. Canadian Imperial Bank of Commerce's revenue for the quarter was up 3.3% compared to the same quarter last year. On average, analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be given a dividend of $0.97 per share. The ex-dividend date of this dividend is Monday, September 29th. This is a positive change 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 yield of 4.8%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 47.64%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. 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. Royal Bank Of Canada upped their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. BMO Capital Markets upped their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Finally, National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price 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.