Bank of America Corp DE Grows Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• Bank of America increased its CIBC stake by 0.5% during the first quarter, adding 13,250 shares to own 2.73 million shares valued at approximately $258.3 million. Institutional investors collectively own 49.88% of the bank.
• Analyst sentiment remains favorable, with CIBC carrying a consensus “Moderate Buy” rating and a $167 average price target; RBC raised its target from $147 to $167.
• CIBC exceeded quarterly earnings expectations with EPS of $1.86 and revenue of $5.89 billion, while revenue grew 14% year over year. The bank also maintains a quarterly dividend of $1.07 per share, yielding about 3.6% annually.

Bank of America Corp DE raised its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 0.5% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,726,487 shares of the bank's stock after acquiring an additional 13,250 shares during the period. Bank of America Corp DE owned approximately 0.30% of Canadian Imperial Bank of Commerce worth $258,335,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Larson Financial Group LLC raised its holdings in Canadian Imperial Bank of Commerce by 119.7% in the third quarter. Larson Financial Group LLC now owns 402 shares of the bank's stock worth $32,000 after purchasing an additional 219 shares in the last quarter. EFG International AG acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $35,000. Global Assets Advisory LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth about $54,000. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its holdings in Canadian Imperial Bank of Commerce by 87.0% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank's stock valued at $69,000 after purchasing an additional 400 shares during the period. Finally, Parkside Financial Bank & Trust increased its holdings in Canadian Imperial Bank of Commerce by 2,758.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 829 shares of the bank's stock worth $75,000 after acquiring an additional 800 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $119.27 on Tuesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The stock's fifty day moving average is $114.54 and its two-hundred day moving average is $105.69. The firm has a market capitalization of $108.87 billion, a P/E ratio of 16.38, a price-to-earnings-growth ratio of 1.28 and a beta of 1.01. Canadian Imperial Bank of Commerce has a fifty-two week low of $71.78 and a fifty-two week high of $122.50.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The business had revenue of $5.89 billion during the quarter, compared to the consensus estimate of $5.86 billion. During the same period last year, the company earned $2.05 EPS. The company's revenue for the quarter was up 14.0% on a year-over-year basis. On average, research analysts anticipate 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 company also recently declared a quarterly dividend, which was paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th were issued a dividend of $1.07 per share. The ex-dividend date was Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.6%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 42.58%.

About Canadian Imperial Bank of Commerce

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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