Canadian Imperial Bank of Commerce (NYSE:CM) Position Trimmed by Atlas Capital Advisors Inc.

Key Points

• Atlas Capital Advisors Inc. significantly reduced its stake in the Canadian Imperial Bank of Commerce by 67.1%, selling 5,080 shares and owning 2,495 shares valued at $140,000 as of the end of the most recent quarter.
• The Canadian Imperial Bank of Commerce recently announced an increase in its quarterly dividend to $0.7024 per share, resulting in a 3.9% annual yield and a payout ratio of 49.56%.
• Analysts have mixed opinions on the stock, with a consensus rating of "Moderate Buy" and a price target of $109.00, while some institutions have downgraded their ratings from "buy" to "hold."

Atlas Capital Advisors Inc. decreased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 67.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 2,495 shares of the bank's stock after selling 5,080 shares during the period. Atlas Capital Advisors Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $140,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Renaissance Technologies LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 38.2% in the 4th quarter. Renaissance Technologies LLC now owns 426,728 shares of the bank's stock valued at $26,982,000 after buying an additional 117,900 shares during the period. Raymond James Financial Inc. bought a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth about $24,997,000. Townsquare Capital LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at about $238,000. BTG Pactual Asset Management US LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at about $1,271,000. Finally, Barclays PLC raised its holdings in Canadian Imperial Bank of Commerce by 106.4% during the fourth quarter. Barclays PLC now owns 49,885 shares of the bank's stock worth $3,154,000 after acquiring an additional 25,712 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on CM. Royal Bank Of Canada boosted their price target on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. BMO Capital Markets lifted their price target on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Finally, Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded up $0.22 during midday trading on Friday, reaching $74.05. The company had a trading volume of 290,819 shares, compared to its average volume of 1,169,718. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. The business's 50-day simple moving average is $71.48 and its 200 day simple moving average is $64.65. Canadian Imperial Bank of Commerce has a 1 year low of $51.55 and a 1 year high of $74.63. The stock has a market cap of $68.98 billion, a P/E ratio of 13.01, a P/E/G ratio of 1.59 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the previous year, the firm earned $1.75 earnings per share. Canadian Imperial Bank of Commerce's quarterly revenue was up 13.9% compared to the same quarter last year. On average, analysts forecast 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 was paid on Monday, July 28th. Stockholders of record on Friday, June 27th were paid a dividend of $0.7024 per share. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Friday, June 27th. Canadian Imperial Bank of Commerce's payout ratio is 49.56%.

Canadian Imperial Bank of Commerce Company 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.