Assetmark Inc. Grows Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• Assetmark Inc. increased its stake in Canadian Imperial Bank of Commerce by 6.2% in the first quarter, bringing its holdings to 284,477 shares worth about $26.95 million.
• Canadian Imperial Bank of Commerce recently delivered better-than-expected earnings, reporting $1.86 EPS versus estimates of $1.78 and revenue of $5.89 billion, up 14% from a year ago.
• The bank also announced a quarterly dividend of $1.07 per share, implying an annualized yield of about 3.5%, while analysts currently rate the stock a Moderate Buy with a consensus price target of $167.

Assetmark Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 6.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 284,477 shares of the bank's stock after acquiring an additional 16,562 shares during the quarter. Assetmark Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $26,954,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. EFG International AG bought a new stake in Canadian Imperial Bank of Commerce in the fourth quarter worth $35,000. Larson Financial Group LLC increased its position in Canadian Imperial Bank of Commerce by 119.7% during the third quarter. Larson Financial Group LLC now owns 402 shares of the bank's stock valued at $32,000 after acquiring an additional 219 shares during the last quarter. Lodestone Wealth Management LLC bought a new position in Canadian Imperial Bank of Commerce during the fourth quarter valued at $37,000. Global Assets Advisory LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter valued at $54,000. Finally, Aventura Private Wealth LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at $69,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on CM. Zacks Research cut shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Jefferies Financial Group reissued a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Weiss Ratings downgraded shares of Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday. Raymond James Financial restated a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Finally, Royal Bank Of Canada upped their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an "outperform" rating in a research note on Monday, June 1st. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Stock Up 0.4%

Shares of CM opened at $121.26 on Friday. The firm has a market capitalization of $110.69 billion, a P/E ratio of 16.66, a P/E/G ratio of 1.31 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 12-month low of $71.00 and a 12-month high of $122.50. 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 moving average price of $113.41 and a 200-day moving average price of $103.55.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, topping the consensus estimate of $1.78 by $0.08. The company had revenue of $5.89 billion for the quarter, compared to the consensus estimate of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The firm's revenue was up 14.0% compared to the same quarter last year. During the same quarter last year, the firm posted $2.05 EPS. Equities research analysts expect that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be given a dividend of $1.07 per share. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.5%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 42.58%.

Canadian Imperial Bank of Commerce Profile

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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