Campbell & CO Investment Adviser LLC Makes New Investment in Canadian Imperial Bank of Commerce $CM

Key Points

• Campbell & CO Investment Adviser LLC acquired 49,800 shares of Canadian Imperial Bank of Commerce (CIBC), valued at approximately $2.8 million, during the first quarter.
• JPMorgan Chase & Co. increased its stake in CIBC by 31.6%, owning over 10.5 million shares valued at around $595.8 million.
• The bank reported an earnings per share (EPS) of $1.44 for the last quarter, exceeding analysts' expectations, and it has recently increased its dividend to $0.7024 per share.

Campbell & CO Investment Adviser LLC acquired a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 49,800 shares of the bank's stock, valued at approximately $2,804,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Canadian Imperial Bank of Commerce by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 40,028,162 shares of the bank's stock worth $2,251,664,000 after buying an additional 642,924 shares in the last quarter. Toronto Dominion Bank lifted its position in Canadian Imperial Bank of Commerce by 1.1% in the fourth quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock worth $1,398,619,000 after purchasing an additional 234,088 shares during the period. Bank of Nova Scotia lifted its position in Canadian Imperial Bank of Commerce by 4.5% in the first quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank's stock worth $1,010,849,000 after purchasing an additional 773,174 shares during the period. JPMorgan Chase & Co. lifted its position 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 purchasing an additional 2,538,808 shares during the period. Finally, Mackenzie Financial Corp lifted its position in Canadian Imperial Bank of Commerce by 41.1% in 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. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Up 2.3%

Shares of NYSE CM traded up $1.73 during mid-day trading on Thursday, reaching $77.01. The company had a trading volume of 2,730,343 shares, compared to its average volume of 1,196,673. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $77.73. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $71.58 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 1.62 and a beta of 1.06. The stock's 50 day moving average is $72.39 and its 200-day moving average is $65.33.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, topping the consensus estimate of $1.34 by $0.10. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate 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 business's quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.75 earnings per share. As a group, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be issued a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a yield of 5.0%. 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 is 49.56%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Royal Bank Of Canada upped their target price on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. BMO Capital Markets increased their price objective on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Scotiabank initiated coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating for the company. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Finally, 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. Four investment 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.com, Canadian Imperial Bank of Commerce has a consensus rating of "Moderate Buy" and a consensus price target of $109.00.

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.