American Century Companies Inc. Acquires 15,867 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• American Century Companies Inc. increased its stake in the Canadian Imperial Bank of Commerce by 5.3%, purchasing an additional 15,867 shares in the first quarter, bringing its total holdings to 315,078 shares valued at approximately $17.7 million.
• The Canadian Imperial Bank of Commerce reported earnings of $1.44 per share for the last quarter, exceeding analysts' expectations, and also announced an increase in its quarterly dividend to $0.7024 per share.
• Equity analysts are optimistic about the bank's future, with multiple firms raising their price targets, including Royal Bank Of Canada, which increased its target from $108.00 to $116.00.

American Century Companies Inc. grew its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 5.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 315,078 shares of the bank's stock after acquiring an additional 15,867 shares during the period. American Century Companies Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $17,724,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CM. HM Payson & Co. bought a new position in Canadian Imperial Bank of Commerce in the first quarter worth approximately $29,000. TruNorth Capital Management LLC raised its position in Canadian Imperial Bank of Commerce by 156.0% in the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock worth $29,000 after acquiring an additional 312 shares during the period. Private Trust Co. NA raised its position in Canadian Imperial Bank of Commerce by 40.0% in the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock worth $44,000 after acquiring an additional 223 shares during the period. Farther Finance Advisors LLC raised its position in Canadian Imperial Bank of Commerce by 51.1% in the first quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock worth $51,000 after acquiring an additional 305 shares during the period. Finally, NBC Securities Inc. raised its position in Canadian Imperial Bank of Commerce by 121,800.0% in the first quarter. NBC Securities Inc. now owns 1,219 shares of the bank's stock worth $68,000 after acquiring an additional 1,218 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM traded up $0.18 during midday trading on Friday, reaching $77.20. 1,618,583 shares of the company were exchanged, compared to its average volume of 1,294,676. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. The business's fifty day moving average is $72.72 and its two-hundred day moving average is $65.54. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $77.73. The stock has a market cap of $71.75 billion, a PE ratio of 13.04, a price-to-earnings-growth ratio of 1.69 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping 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 14.79%. The firm had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.12 billion. During the same quarter in the prior year, the business earned $1.93 earnings per share. Canadian Imperial Bank of Commerce's revenue for the quarter was up 3.3% on a year-over-year basis. As a group, 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 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. 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 dividend yield of 5.0%. The ex-dividend date is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 49.56%.

Analyst Ratings Changes

Several research analysts have weighed in on CM shares. Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. National Bank Financial cut 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 raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Royal Bank Of Canada increased 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 research note on Friday. Finally, BMO Capital Markets increased 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 research note on Friday, May 30th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average 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.