Baird Financial Group Inc. Raises Stake in Canadian Imperial Bank of Commerce $CM

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

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in 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 worth $2,251,664,000 after buying an additional 642,924 shares in the last quarter. Toronto Dominion Bank boosted its holdings in 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 worth $1,398,619,000 after buying an additional 234,088 shares in the last quarter. Bank of Nova Scotia boosted its holdings in 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 worth $1,010,849,000 after buying an additional 773,174 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in 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 worth $595,762,000 after buying an additional 2,538,808 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings 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.

Canadian Imperial Bank of Commerce Stock Up 0.8%

Canadian Imperial Bank of Commerce stock traded up $0.67 during trading on Thursday, reaching $79.51. The stock had a trading volume of 352,554 shares, compared to its average volume of 1,187,135. The stock has a market cap of $73.90 billion, a PE ratio of 13.44, a P/E/G ratio of 1.69 and a beta of 1.03. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $79.67. The business has a 50 day moving average price of $73.95 and a 200 day moving average price of $66.45.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. The firm had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. Canadian Imperial Bank of Commerce's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period last year, the business earned $1.93 EPS. On average, analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be paid a $0.97 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $3.88 annualized dividend and a yield of 4.9%. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 47.64%.

Wall Street Analyst Weigh In

CM has been the topic of a number of recent analyst reports. Royal Bank Of Canada increased their price target on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. BMO Capital Markets upped their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Finally, Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.50.

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.