ASR Vermogensbeheer N.V. Buys Shares of 28,294 Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• ASR Vermogensbeheer N.V. acquired a new stake in Canadian Imperial Bank of Commerce, purchasing 28,294 shares valued at approximately $1,591,000.
• The bank's quarterly earnings report showed an EPS of $1.44, exceeding analyst estimates of $1.34, alongside a revenue of $5.09 billion.
• Canadian Imperial Bank of Commerce recently increased its quarterly dividend from $0.67 to $0.7024 per share, reflecting an annualized yield of 3.9%.

ASR Vermogensbeheer N.V. acquired a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 28,294 shares of the bank's stock, valued at approximately $1,591,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce by 1.6% during the first quarter. Vanguard Group Inc. now owns 40,028,162 shares of the bank's stock valued at $2,251,664,000 after buying an additional 642,924 shares during the period. Toronto Dominion Bank lifted its stake in shares of Canadian Imperial Bank of Commerce by 1.1% during the fourth quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock valued at $1,398,619,000 after buying an additional 234,088 shares during the period. Bank of Nova Scotia lifted its stake in shares of Canadian Imperial Bank of Commerce by 4.5% during 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 buying an additional 773,174 shares during the period. Mackenzie Financial Corp increased 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 purchasing an additional 1,990,520 shares during the last quarter. Finally, Capital International Investors acquired a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth approximately $424,386,000. Institutional investors and hedge funds own 49.88% of the company's stock.

Wall Street Analyst Weigh In

CM has been the subject of several research analyst reports. Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday. BMO Capital Markets raised their price target 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. Royal Bank Of Canada raised their price target on shares of 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. Finally, Scotiabank initiated coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating for the company. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock traded up $0.68 during trading hours on Friday, reaching $72.64. The company's stock had a trading volume of 1,121,051 shares, compared to its average volume of 1,342,344. The company's 50 day simple moving average is $71.06 and its 200 day simple moving average is $64.39. 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 one year low of $50.49 and a one year high of $74.63. The stock has a market cap of $67.67 billion, a P/E ratio of 12.77, a price-to-earnings-growth ratio of 1.58 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The company's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period last year, the firm posted $1.75 EPS. As a group, analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 28th. Investors of record on Friday, June 27th were given a $0.7024 dividend. The ex-dividend date was Friday, June 27th. This represents a $2.81 annualized dividend and a yield of 3.9%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's payout ratio is 49.56%.

About Canadian Imperial Bank of Commerce

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.