Canadian Imperial Bank of Commerce $CM Shares Acquired by Baird Financial Group Inc.

Key Points

• Baird Financial Group Inc. has increased its stake in Canadian Imperial Bank of Commerce by 32.3%, owning a total of 40,130 shares valued at approximately $2.26 million.
• The Canadian Imperial Bank of Commerce reported an earnings per share (EPS) of $1.57, surpassing analysts' expectations of $1.43, along with a revenue of $5.24 billion.
• The bank declared a quarterly dividend of $0.97, an increase from the previous dividend of $0.70, representing a yield of 5.0% for investors.

Baird Financial Group Inc. increased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 32.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,130 shares of the bank's stock after buying an additional 9,798 shares during the quarter. Baird Financial Group Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $2,259,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings 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 worth $2,251,664,000 after purchasing an additional 642,924 shares in the last quarter. Toronto Dominion Bank grew its position in 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 acquiring an additional 234,088 shares during the last quarter. Bank of Nova Scotia grew its position in Canadian Imperial Bank of Commerce by 4.5% during the 1st quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank's stock worth $1,010,849,000 after acquiring an additional 773,174 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Canadian Imperial Bank of Commerce by 31.6% during the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock valued at $595,762,000 after buying an additional 2,538,808 shares during the period. Finally, Mackenzie Financial Corp increased its stake in shares of 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 valued at $431,952,000 after buying an additional 1,990,520 shares during the period. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded down $0.39 during trading on Friday, reaching $79.16. 617,567 shares of the company traded hands, compared to its average volume of 1,241,380. The firm's fifty day simple moving average is $74.24 and its 200 day simple moving average is $66.70. The stock has a market cap of $73.58 billion, a P/E ratio of 13.37, a PEG ratio of 1.72 and a beta of 1.03. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $79.67. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14.

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 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The firm had revenue of $5.24 billion for the quarter, compared to analysts' expectations of $5.12 billion. During the same period last year, the firm earned $1.93 EPS. The company's quarterly revenue was up 3.3% on a year-over-year basis. As a group, research analysts anticipate 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 announced a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be paid a dividend of $0.97 per share. The ex-dividend date is Monday, September 29th. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. This represents a $3.88 dividend on an annualized basis and a dividend yield of 4.9%. Canadian Imperial Bank of Commerce's payout ratio is presently 47.64%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CM. Royal Bank Of Canada lifted their price target on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. BMO Capital Markets boosted their price target on 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. Scotiabank began coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a "sector outperform" rating for the company. National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Finally, Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.50.

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.