Canadian Imperial Bank of Commerce $CM Shares Sold by APG Asset Management N.V.

Key Points

• APG Asset Management N.V. reduced its stake in Canadian Imperial Bank of Commerce by 0.8%, holding 511,400 shares valued at approximately $26.63 million.
• Several institutional investors have increased their positions in Canadian Imperial Bank of Commerce, with total institutional ownership now at 49.88%.
• The bank recently reported earnings of $1.44 per share, surpassing estimates, and announced a quarterly dividend increase to $0.7024, representing a yield of 3.8%.

APG Asset Management N.V. decreased its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 0.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 511,400 shares of the bank's stock after selling 4,000 shares during the quarter. APG Asset Management N.V. owned about 0.05% of Canadian Imperial Bank of Commerce worth $26,628,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Canadian Imperial Bank of Commerce by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 40,028,162 shares of the bank's stock valued at $2,251,664,000 after acquiring an additional 642,924 shares in the last quarter. Toronto Dominion Bank boosted its holdings in shares of Canadian Imperial Bank of Commerce by 1.1% during the 4th quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock worth $1,398,619,000 after purchasing an additional 234,088 shares during the last quarter. Bank of Nova Scotia grew its position in shares of Canadian Imperial Bank of Commerce by 4.5% in the first quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank's stock valued at $1,010,849,000 after purchasing an additional 773,174 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Canadian Imperial Bank of Commerce by 31.6% in the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock valued at $595,762,000 after purchasing an additional 2,538,808 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its position in Canadian Imperial Bank of Commerce by 41.1% during the fourth quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock worth $431,952,000 after buying an additional 1,990,520 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CM has been the subject of several analyst reports. Royal Bank Of Canada upped their target price on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a report 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 report on Saturday, August 9th. Scotiabank initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating for the company. National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Finally, BMO Capital Markets boosted their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce Trading Up 0.3%

Shares of Canadian Imperial Bank of Commerce stock traded up $0.23 on Friday, reaching $77.25. The company had a trading volume of 546,323 shares, compared to its average volume of 1,192,562. The firm's 50 day moving average price is $72.56 and its two-hundred day moving average price is $65.43. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $77.73. The firm has a market cap of $71.80 billion, a PE ratio of 13.58, a PEG ratio of 1.65 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. The firm had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The firm's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.93 EPS. Sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be issued a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 5.0%. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's payout ratio is currently 49.56%.

Canadian Imperial Bank of Commerce 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.