Andra AP fonden Has $15.82 Million Holdings in Canadian Imperial Bank of Commerce $CM

Key Points

• Andra AP fonden reduced its CIBC stake by 28.7% in the second quarter, selling 55,300 shares and retaining 137,544 shares valued at approximately $15.82 million. Institutional investors collectively own 49.88% of the bank.
• CIBC reported quarterly earnings of $1.96 per share, exceeding the $1.80 consensus estimate, while revenue of $5.97 billion also topped expectations of $5.74 billion.
• Analyst sentiment remains favorable, with the stock carrying a “Moderate Buy” consensus rating and a $167 target price. CIBC also declared a quarterly dividend of $1.07 per share, representing a 3.7% annualized yield.

Andra AP fonden decreased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 28.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 137,544 shares of the bank's stock after selling 55,300 shares during the period. Andra AP fonden's holdings in Canadian Imperial Bank of Commerce were worth $15,818,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CM. Bell Investment Advisors Inc acquired a new position in Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $36,000. Security National Bank of SO Dak purchased a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth $42,000. Global Assets Advisory LLC acquired a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at $54,000. Larson Financial Group LLC grew its stake in Canadian Imperial Bank of Commerce by 87.1% in the fourth quarter. Larson Financial Group LLC now owns 752 shares of the bank's stock valued at $68,000 after purchasing an additional 350 shares in the last quarter. Finally, Leonteq Securities AG acquired a new position in Canadian Imperial Bank of Commerce in the 4th quarter worth about $91,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group reaffirmed a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, August 27th. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. Royal Bank Of Canada reiterated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 28th. Finally, Desjardins downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $114.91 on Wednesday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The firm has a fifty day simple moving average of $117.44 and a 200-day simple moving average of $111.03. The stock has a market capitalization of $104.89 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 1.14 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 1-year low of $78.79 and a 1-year high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. The firm had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.74 billion. On average, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 7.61 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Monday, September 28th will be given a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, September 28th. Canadian Imperial Bank of Commerce's payout ratio is currently 41.39%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a Canadian financial institution headquartered in Toronto, Ontario. The bank provides a broad range of financial products and services to individuals, businesses, institutions and government clients.

CIBC's principal activities include personal and commercial banking, wealth management, investment banking and capital markets services. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment advice, brokerage services, asset management, and corporate finance and advisory services.

The bank serves clients primarily in Canada and the United States through its Canadian banking operations, U.S.

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