Canadian Imperial Bank of Commerce $CM Shares Sold by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

Key Points

• British Columbia Investment Management Corp reduced its stake in Canadian Imperial Bank of Commerce by 22.7% during the 1st quarter, selling 458,603 shares and holding approximately 0.17% of the bank's stock valued at $87.62 million.
• Multiple institutional investors have recently increased their holdings, with Candriam S.C.A. raising its stake by 25.0%, now owning 349,205 shares valued at $19.64 million.
• The Canadian Imperial Bank of Commerce reported a quarterly earnings per share of $1.44, exceeding analysts' expectations, and announced a dividend increase to $0.7024 per share, reflecting a 3.8% dividend yield.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 22.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,557,392 shares of the bank's stock after selling 458,603 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.17% of Canadian Imperial Bank of Commerce worth $87,622,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in CM. HM Payson & Co. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at $29,000. TruNorth Capital Management LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 156.0% during the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after buying an additional 312 shares during the period. Private Trust Co. NA grew its stake in shares of Canadian Imperial Bank of Commerce by 40.0% during the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after buying an additional 223 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 51.1% during the 1st quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock valued at $51,000 after buying an additional 305 shares during the period. Finally, NBC Securities Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 121,800.0% during the 1st quarter. NBC Securities Inc. now owns 1,219 shares of the bank's stock valued at $68,000 after buying an additional 1,218 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CM. Royal Bank Of Canada lifted their target price on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. BMO Capital Markets lifted their target price on shares of 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. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce Stock Up 2.0%

CM stock traded up $1.47 during trading on Thursday, reaching $76.75. The stock had a trading volume of 1,561,650 shares, compared to its average volume of 1,189,166. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $77.73. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $71.34 billion, a P/E ratio of 13.50, a PEG ratio of 1.62 and a beta of 1.06. The firm has a fifty day moving average price of $72.39 and a 200 day moving average price of $65.33.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The firm's revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.75 EPS. On average, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be paid a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of 5.1%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's dividend payout ratio is 49.56%.

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.