Bank of America Corp DE Purchases Shares of 2,378,121 Canadian Imperial Bank of Commerce $CM

Key Points

• Bank of America acquired 2.38 million shares of Canadian Imperial Bank of Commerce in the second quarter, valued at approximately $273.5 million and representing about 0.26% of the bank.
• CIBC reported quarterly earnings of $1.96 per share, exceeding the $1.80 consensus estimate, while revenue of $5.97 billion also surpassed expectations.
• CIBC declared a quarterly dividend of $1.07 per share, equivalent to $4.28 annually and a 3.8% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $167.

Bank of America Corp DE acquired a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 2,378,121 shares of the bank's stock, valued at approximately $273,484,000. Bank of America Corp DE owned approximately 0.26% of Canadian Imperial Bank of Commerce as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CM. Bank of Nova Scotia boosted its position in Canadian Imperial Bank of Commerce by 0.5% in the first quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank's stock valued at $1,201,762,000 after buying an additional 57,210 shares in the last quarter. Cibc World Market Inc. raised its position in Canadian Imperial Bank of Commerce by 1.3% in the 4th quarter. Cibc World Market Inc. now owns 12,010,183 shares of the bank's stock valued at $1,088,243,000 after purchasing an additional 158,634 shares during the last quarter. Norges Bank acquired a new position in Canadian Imperial Bank of Commerce in the fourth quarter worth $958,383,000. Geode Capital Management LLC boosted its stake in Canadian Imperial Bank of Commerce by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 8,953,881 shares of the bank's stock worth $824,799,000 after purchasing an additional 555,220 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth $927,219,000. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock opened at $112.97 on Thursday. The firm has a market cap of $103.12 billion, a price-to-earnings ratio of 15.08, a PEG ratio of 1.12 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 12 month low of $78.79 and a 12 month high of $124.86. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The stock has a 50-day moving average price of $117.63 and a 200 day moving average price of $110.64.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. The company had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.74 billion. Research analysts expect that Canadian Imperial Bank of Commerce will post 7.61 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Monday, September 28th will be issued a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 3.8%. The ex-dividend date is Monday, September 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 41.39%.

Analysts Set New Price Targets

CM has been the subject of a number of research reports. Barclays restated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. TD Securities reissued a "buy" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Keefe, Bruyette & Woods began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They issued a "market perform" rating for the company. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 28th. Finally, Desjardins downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and an average target price of $167.00.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a Canadian financial institution headquartered in Toronto, Ontario. The bank provides a broad range of financial products and services to individuals, businesses, institutions and government clients.

CIBC's principal activities include personal and commercial banking, wealth management, investment banking and capital markets services. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment advice, brokerage services, asset management, and corporate finance and advisory services.

The bank serves clients primarily in Canada and the United States through its Canadian banking operations, U.S.

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