Amundi Boosts Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Amundi increased its CIBC position by 25.7% in the first quarter, adding 623,585 shares to hold 3.05 million shares worth approximately $288.8 million. Institutional investors collectively own 49.88% of the bank.
• CIBC recently reported quarterly earnings of $1.86 per share, beating estimates by $0.08, while revenue rose 14% year over year to $5.89 billion. Shares opened at $118.25, near their 52-week high of $122.50.
• The bank pays a quarterly dividend of $1.07 per share, or $4.28 annually, yielding about 3.6%. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $167.

Amundi raised its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 25.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,045,890 shares of the bank's stock after acquiring an additional 623,585 shares during the quarter. Amundi owned approximately 0.33% of Canadian Imperial Bank of Commerce worth $288,815,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CM. Larson Financial Group LLC increased its position in shares of Canadian Imperial Bank of Commerce by 119.7% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank's stock valued at $32,000 after purchasing an additional 219 shares during the last quarter. EFG International AG bought a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $35,000. Lodestone Wealth Management LLC purchased a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth approximately $37,000. Global Assets Advisory LLC purchased a new position in shares of Canadian Imperial Bank of Commerce in the first quarter worth approximately $54,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA grew its position in Canadian Imperial Bank of Commerce by 87.0% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank's stock valued at $69,000 after buying an additional 400 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Up 1.7%

Shares of CM stock opened at $118.25 on Friday. The company has a market capitalization of $107.95 billion, a price-to-earnings ratio of 16.24, a PEG ratio of 1.26 and a beta of 1.02. Canadian Imperial Bank of Commerce has a one year low of $71.00 and a one year high of $122.50. The company's fifty day moving average price is $114.41 and its 200-day moving average price is $105.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating analysts' consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The company had revenue of $5.89 billion for the quarter, compared to analysts' expectations of $5.86 billion. During the same quarter in the previous year, the company earned $2.05 EPS. Canadian Imperial Bank of Commerce's revenue for the quarter was up 14.0% on a year-over-year basis. Sell-side analysts expect that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Investors of record on Monday, June 29th were paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 42.58%.

Analysts Set New Price Targets

Several research analysts have weighed in on CM shares. Weiss Ratings downgraded shares of Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, July 15th. Raymond James Financial reaffirmed a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Zacks Research cut Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, June 1st. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of "Moderate Buy" and an average target price of $167.00.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

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