Canadian Imperial Bank of Commerce $CM Shares Acquired by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors boosted its stake in Canadian Imperial Bank of Commerce by 6.0%, purchasing 178,865 shares to hold 3,143,977 shares (about 0.34% of the company) worth $251,162,000.
• CIBC posted a quarterly earnings beat with EPS of $1.99 vs. $1.74 expected and revenue of $6.16 billion (up 15.3% YoY), and declared a quarterly dividend of $1.07 (annualized $4.28, ~4.3% yield).
• Analysts on average rate the stock a Moderate Buy with a consensus price target of $107.50, following upgrades from firms including Barclays and Zacks.

Dimensional Fund Advisors LP boosted its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 6.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,143,977 shares of the bank's stock after buying an additional 178,865 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.34% of Canadian Imperial Bank of Commerce worth $251,162,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Salem Investment Counselors Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter worth about $30,000. Toth Financial Advisory Corp purchased a new position in Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $32,000. AdvisorNet Financial Inc lifted its holdings in Canadian Imperial Bank of Commerce by 300.0% in the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank's stock valued at $32,000 after purchasing an additional 300 shares in the last quarter. Grey Fox Wealth Advisors LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth about $34,000. Finally, Guerra Advisors Inc acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth about $35,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CM has been the subject of a number of analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Barclays upgraded shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research report on Thursday, February 19th. Zacks Research raised shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a research note on Wednesday. Finally, Raymond James Financial assumed coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They issued a "market perform" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Stock Down 0.7%

CM opened at $99.61 on Friday. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $105.00. The business has a 50-day moving average of $95.01 and a two-hundred day moving average of $87.26. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market capitalization of $92.08 billion, a price-to-earnings ratio of 14.52, a price-to-earnings-growth ratio of 1.04 and a beta of 1.00.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings data on Thursday, February 26th. The bank reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.20%. The business had revenue of $6.16 billion for the quarter, compared to analyst estimates of $5.53 billion. During the same period in the prior year, the firm posted $2.20 EPS. The company's revenue was up 15.3% on a year-over-year basis. On average, research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th will be paid a dividend of $1.07 per share. The ex-dividend date of this dividend is Friday, March 27th. This represents a $4.28 dividend on an annualized basis and a yield of 4.3%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 44.61%.

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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