Aviso Financial Inc. Boosts Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Aviso Financial Inc. increased its holding in Canadian Imperial Bank of Commerce by 7.0%, owning 684,523 shares worth approximately $38.5 million at the end of the first quarter.
• Canadian Imperial Bank of Commerce reported a quarterly earnings per share of $1.44, exceeding estimates of $1.34, along with a revenue of $5.09 billion for the quarter.
• The bank announced an increase in its quarterly dividend to $0.7024 per share, representing an annualized dividend of $2.81 and a yield of 3.8%.

Aviso Financial Inc. increased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 7.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 684,523 shares of the bank's stock after buying an additional 45,011 shares during the period. Canadian Imperial Bank of Commerce comprises about 1.9% of Aviso Financial Inc.'s holdings, making the stock its 19th largest position. Aviso Financial Inc. owned about 0.07% of Canadian Imperial Bank of Commerce worth $38,521,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of 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 boosted its position in shares of Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock worth $1,398,619,000 after buying an additional 234,088 shares in the last quarter. Bank of Nova Scotia boosted its position in shares of Canadian Imperial Bank of Commerce by 4.5% in the 1st quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank's stock worth $1,010,849,000 after buying an additional 773,174 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Canadian Imperial Bank of Commerce by 31.6% in the 1st quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock worth $595,762,000 after buying an additional 2,538,808 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its position in shares of Canadian Imperial Bank of Commerce by 41.1% in the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock worth $431,952,000 after buying an additional 1,990,520 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Royal Bank Of Canada raised their price target on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Finally, BMO Capital Markets raised their price target on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Four research analysts have rated the stock with a Buy rating and two have given 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 $109.00.

Canadian Imperial Bank of Commerce Trading Up 0.1%

Shares of CM stock traded up $0.0950 during trading hours on Friday, hitting $73.1650. 1,508,258 shares of the company were exchanged, compared to its average volume of 1,174,303. The firm has a market cap of $68.01 billion, a PE ratio of 12.86, a PEG ratio of 1.60 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $74.63. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. The firm has a fifty day moving average of $72.07 and a 200 day moving average of $65.08.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.10. The business 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 company's revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.75 EPS. Analysts expect 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 disclosed a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Friday, June 27th were issued a dividend of $0.7024 per share. This represents a $2.81 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Friday, June 27th. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's payout ratio is currently 49.56%.

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.