Andra AP fonden Sells 38,456 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• Andra AP fonden reduced its stake in Canadian Imperial Bank of Commerce by 16.6% in the first quarter, selling 38,456 shares and leaving it with 192,844 shares worth about $18.3 million.
• CIBC reported strong quarterly results, posting EPS of $1.86 versus the $1.78 estimate and revenue of $5.89 billion, with revenue rising 14% year over year.
• The bank announced a quarterly dividend of $1.07 per share, implying an annualized yield of about 3.6%, while analysts currently hold a Moderate Buy consensus with an average price target of $167.

Andra AP fonden decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 16.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 192,844 shares of the bank's stock after selling 38,456 shares during the quarter. Andra AP fonden's holdings in Canadian Imperial Bank of Commerce were worth $18,272,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank's stock valued at $3,907,078,000 after purchasing an additional 876,974 shares in the last quarter. FIL Ltd raised its stake in Canadian Imperial Bank of Commerce by 26.1% in the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank's stock worth $1,156,438,000 after buying an additional 2,643,495 shares in the last quarter. Cibc World Market Inc. raised its stake in Canadian Imperial Bank of Commerce by 1.3% in the fourth quarter. Cibc World Market Inc. now owns 12,010,183 shares of the bank's stock worth $1,088,243,000 after buying an additional 158,634 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in Canadian Imperial Bank of Commerce by 69.3% in the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank's stock worth $986,173,000 after buying an additional 4,419,968 shares during the period. Finally, Norges Bank purchased a new stake in Canadian Imperial Bank of Commerce in the fourth quarter worth about $958,383,000. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $117.75 on Tuesday. Canadian Imperial Bank of Commerce has a fifty-two week low of $71.00 and a fifty-two week high of $122.50. The firm's 50-day simple moving average is $113.55 and its two-hundred day simple moving average is $103.82. The stock has a market cap of $107.48 billion, a PE ratio of 16.17, a price-to-earnings-growth ratio of 1.31 and a beta of 1.02. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current 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 (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $5.89 billion during the quarter, compared to analyst estimates of $5.86 billion. During the same period last year, the business earned $2.05 earnings per share. The business's revenue was up 14.0% on a year-over-year basis. Analysts anticipate that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on CM shares. Scotiabank reiterated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Weiss Ratings cut Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, July 15th. Barclays restated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Jefferies Financial Group reaffirmed a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Finally, Royal Bank Of Canada increased their price objective on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an "outperform" rating in a report on Monday, June 1st. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target 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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