Bank of New York Mellon Corp Has $84.73 Million Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• Bank of New York Mellon trimmed its Canadian Imperial Bank of Commerce stake by 4.1% in the first quarter, but still held 894,249 shares valued at about $84.73 million.
• Canadian Imperial Bank of Commerce reported solid quarterly results, with earnings per share of $1.86 beating estimates and revenue of $5.89 billion slightly above expectations.
• The bank also announced a quarterly dividend of $1.07 per share, implying an annualized yield of about 3.6%, while analysts currently view the stock as a Moderate Buy with an average price target of $167.

Bank of New York Mellon Corp reduced its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 4.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 894,249 shares of the bank's stock after selling 37,935 shares during the period. Bank of New York Mellon Corp owned about 0.10% of Canadian Imperial Bank of Commerce worth $84,730,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Larson Financial Group LLC increased its position in Canadian Imperial Bank of Commerce by 119.7% during the 3rd 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 stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $35,000. Lodestone Wealth Management LLC acquired a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $37,000. Global Assets Advisory LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter worth $54,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA grew its stake in shares of Canadian Imperial Bank of Commerce by 87.0% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank's stock worth $69,000 after buying an additional 400 shares during the last quarter. 49.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CM. Weiss Ratings cut Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, July 15th. Barclays restated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Raymond James Financial reaffirmed a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Royal Bank Of Canada increased their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an "outperform" rating in a research report on Monday, June 1st. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $167.00.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at $117.43 on Wednesday. The company has a fifty day moving average price of $113.67 and a 200-day moving average price of $104.01. The company has a market capitalization of $107.20 billion, a P/E ratio of 16.13, a PEG ratio of 1.27 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 52-week low of $71.00 and a 52-week high of $122.50. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The company had revenue of $5.89 billion for the quarter, compared to analysts' expectations of $5.86 billion. During the same quarter in the previous year, the firm posted $2.05 earnings per share. Canadian Imperial Bank of Commerce's revenue for the quarter was up 14.0% on a year-over-year basis. As a group, equities analysts expect that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be issued a dividend of $1.07 per share. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 annualized dividend and a yield of 3.6%. Canadian Imperial Bank of Commerce's payout ratio is presently 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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