Alberta Investment Management Corp Decreases Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• Alberta Investment Management Corp has reduced its stake in the Canadian Imperial Bank of Commerce by 38.9%, lowering its holdings to approximately 960,798 shares worth $54 million at the end of the reporting period.
• Research firms have mixed ratings on the bank, with Royal Bank of Canada raising its target price to $116, while Wall Street Zen downgraded it to a "sell" rating.
• The Canadian Imperial Bank of Commerce recently declared a quarterly dividend of $0.7024 per share, which represents a yield of 3.9% and is an increase from the previous dividend of $0.67.

Alberta Investment Management Corp lowered its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 38.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 960,798 shares of the bank's stock after selling 612,165 shares during the period. Alberta Investment Management Corp owned approximately 0.10% of Canadian Imperial Bank of Commerce worth $54,040,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Prudential Financial Inc. boosted its position in Canadian Imperial Bank of Commerce by 16.1% in the fourth quarter. Prudential Financial Inc. now owns 37,295 shares of the bank's stock valued at $2,358,000 after buying an additional 5,185 shares in the last quarter. Blair William & Co. IL boosted its position in Canadian Imperial Bank of Commerce by 7.3% in the fourth quarter. Blair William & Co. IL now owns 5,658 shares of the bank's stock valued at $358,000 after buying an additional 383 shares in the last quarter. Orion Portfolio Solutions LLC boosted its position in Canadian Imperial Bank of Commerce by 6.2% in the fourth quarter. Orion Portfolio Solutions LLC now owns 16,921 shares of the bank's stock valued at $1,070,000 after buying an additional 986 shares in the last quarter. Wellington Management Group LLP boosted its position in Canadian Imperial Bank of Commerce by 21.4% in the fourth quarter. Wellington Management Group LLP now owns 210,127 shares of the bank's stock valued at $13,285,000 after buying an additional 37,015 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in Canadian Imperial Bank of Commerce by 11.0% in the fourth quarter. Franklin Resources Inc. now owns 978,161 shares of the bank's stock valued at $61,797,000 after buying an additional 97,323 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. 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. Wall Street Zen downgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Scotiabank initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating for the company. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Finally, BMO Capital Markets lifted their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a report on Friday, May 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $109.00.

Canadian Imperial Bank of Commerce Trading Down 0.2%

Shares of Canadian Imperial Bank of Commerce stock traded down $0.16 during trading on Tuesday, reaching $72.36. The company's stock had a trading volume of 317,289 shares, compared to its average volume of 1,170,664. Canadian Imperial Bank of Commerce has a 52-week low of $48.35 and a 52-week high of $74.63. The company has a market cap of $67.40 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 1.56 and a beta of 1.06. The firm's 50-day moving average is $70.72 and its two-hundred day moving average is $64.14. The company has a quick ratio of 1.05, a current 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 announced its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The company's revenue was up 13.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.75 EPS. On average, sell-side analysts anticipate 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 company also recently announced a quarterly dividend, which was paid on Monday, July 28th. Shareholders of record on Friday, June 27th were issued a $0.7024 dividend. This represents a $2.81 annualized dividend and a yield of 3.9%. This is a boost 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 dividend payout ratio is presently 49.56%.

About Canadian Imperial Bank of Commerce

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.