AGF Management Ltd. Acquires 694,526 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• AGF Management Ltd. significantly increased its stake in Canadian Imperial Bank of Commerce by 980.9%, acquiring a total of 765,331 shares worth approximately $43.4 million.
• Several institutional investors made adjustments to their holdings in CIBC, with Renaissance Technologies LLC raising its position by 38.2% in the last quarter.
• The bank recently declared an increased quarterly dividend of $0.7024 per share, reflecting a positive growth from its previous dividend of $0.67, resulting in a 3.9% dividend yield.

AGF Management Ltd. increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 980.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 765,331 shares of the bank's stock after acquiring an additional 694,526 shares during the period. AGF Management Ltd. owned approximately 0.08% of Canadian Imperial Bank of Commerce worth $43,375,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 40,028,162 shares of the bank's stock worth $2,251,664,000 after purchasing an additional 642,924 shares during the last quarter. Toronto Dominion Bank increased its stake in shares of Canadian Imperial Bank of Commerce by 1.1% during the fourth quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock worth $1,398,619,000 after purchasing an additional 234,088 shares during the period. Bank of Nova Scotia increased its position in Canadian Imperial Bank of Commerce by 4.5% during the 1st quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank's stock worth $1,010,849,000 after buying an additional 773,174 shares during the period. JPMorgan Chase & Co. increased its position in Canadian Imperial Bank of Commerce by 31.6% during the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock worth $595,762,000 after acquiring an additional 2,538,808 shares during the period. Finally, Mackenzie Financial Corp increased its position in shares of Canadian Imperial Bank of Commerce by 41.1% in the fourth quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock worth $431,952,000 after purchasing an additional 1,990,520 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock traded up $0.28 during trading on Friday, reaching $74.11. The company had a trading volume of 455,820 shares, compared to its average volume of 1,170,714. Canadian Imperial Bank of Commerce has a 52 week low of $51.55 and a 52 week high of $74.63. The firm's 50-day simple moving average is $71.48 and its 200 day simple moving average is $64.65. The firm has a market capitalization of $69.03 billion, a price-to-earnings ratio of 13.03, a price-to-earnings-growth ratio of 1.59 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 (NYSE:CM - Get Free Report) TSE: CM last released its earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The company had revenue of $5.09 billion for the quarter, compared to analysts' expectations of $4.78 billion. During the same quarter last year, the business earned $1.75 EPS. The firm's revenue was up 13.9% compared to the same quarter last year. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Friday, June 27th were issued a $0.7024 dividend. This represents a $2.81 annualized dividend and a dividend yield of 3.8%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Friday, June 27th. Canadian Imperial Bank of Commerce's payout ratio is presently 49.56%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. Royal Bank Of Canada increased their price target on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. BMO Capital Markets increased their price target on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of "Moderate Buy" and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce 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.