Amundi Trims Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Amundi reduced its holdings in the Canadian Imperial Bank of Commerce by 4.3%, selling 84,663 shares, leaving it with approximately 1.88 million shares valued at about $111 million.
• Canadian Imperial Bank of Commerce recently increased its quarterly dividend to $0.97 per share, up from $0.70, resulting in an annual yield of 5.0%.
• Analysts have varied ratings on the stock, with a consensus rating of “Moderate Buy” and an average price target of $107.50.

Amundi trimmed its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 4.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,880,294 shares of the bank's stock after selling 84,663 shares during the period. Amundi owned approximately 0.20% of Canadian Imperial Bank of Commerce worth $111,001,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CM. HM Payson & Co. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter worth $29,000. TruNorth Capital Management LLC raised its holdings in Canadian Imperial Bank of Commerce by 156.0% during the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock worth $29,000 after purchasing an additional 312 shares in the last quarter. Truvestments Capital LLC acquired a new stake in Canadian Imperial Bank of Commerce in the first quarter valued at about $32,000. Private Trust Co. NA lifted 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 valued at $44,000 after purchasing an additional 223 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in Canadian Imperial Bank of Commerce by 51.1% in 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 in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CM shares. Scotiabank initiated coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating for the company. Royal Bank Of Canada increased their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. BMO Capital Markets upped their price target 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, Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and an average target price of $107.50.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM traded up $0.68 during mid-day trading on Thursday, reaching $79.52. 841,694 shares of the company's stock were exchanged, compared to its average volume of 1,249,981. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $79.67. The company has a market cap of $73.91 billion, a price-to-earnings ratio of 13.43, a PEG ratio of 1.70 and a beta of 1.03. The company has a 50-day simple moving average of $74.10 and a two-hundred day simple moving average of $66.57.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced 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. The firm had revenue of $5.24 billion for the quarter, compared to analysts' expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.Canadian Imperial Bank of Commerce's quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.93 EPS. On average, sell-side 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 business also recently disclosed 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 is Monday, September 29th. This represents a $3.88 dividend on an annualized basis and a yield of 4.9%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 47.64%.

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.