Caisse DE Depot ET Placement DU Quebec Trims Stock Holdings in Canadian Imperial Bank of Commerce $CM

Key Points

• Caisse DE Depot ET Placement DU Quebec significantly reduced its stake in Canadian Imperial Bank of Commerce, holding $33.23 million worth of stock after selling 900,987 shares, a decrease of 60.4%.
• The Canadian Imperial Bank of Commerce reported strong earnings, with an EPS of $1.44, surpassing analyst expectations, and a revenue increase of 13.9% year-over-year.
• The bank also announced a quarterly dividend increase to $0.7024 per share, up from $0.67, reflecting a 3.8% yield, with a payout ratio of 49.56%.

Caisse DE Depot ET Placement DU Quebec lessened its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 60.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 590,743 shares of the bank's stock after selling 900,987 shares during the period. Caisse DE Depot ET Placement DU Quebec owned 0.06% of Canadian Imperial Bank of Commerce worth $33,226,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CM. JPMorgan Chase & Co. boosted its holdings in Canadian Imperial Bank of Commerce by 31.6% in the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock worth $595,762,000 after acquiring an additional 2,538,808 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter worth about $124,797,000. Mackenzie Financial Corp lifted its holdings in shares of 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 purchasing an additional 1,990,520 shares during the period. Public Sector Pension Investment Board lifted its holdings in shares of Canadian Imperial Bank of Commerce by 27.2% during the first quarter. Public Sector Pension Investment Board now owns 4,681,008 shares of the bank's stock worth $263,281,000 after purchasing an additional 1,000,400 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Canadian Imperial Bank of Commerce by 223.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,293,763 shares of the bank's stock worth $72,767,000 after purchasing an additional 894,035 shares during the period. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Up 0.2%

Shares of NYSE CM traded up $0.18 during mid-day trading on Friday, reaching $77.20. 1,618,583 shares of the company's stock were exchanged, compared to its average volume of 1,294,676. The firm has a market capitalization of $71.75 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 1.69 and a beta of 1.06. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $77.73. The company's 50-day moving average is $72.72 and its 200-day moving average is $65.57.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a return on equity of 14.79% and a net margin of 12.94%.The company had revenue of $5.24 billion during the quarter, compared to analysts' expectations of $5.12 billion. During the same period last year, the business posted $1.93 EPS. Canadian Imperial Bank of Commerce's revenue for the quarter was up 3.3% on a year-over-year basis. Analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Monday, September 29th. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 49.56%.

Analysts Set New Price Targets

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

Canadian Imperial Bank of Commerce 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.