Canadian Imperial Bank of Commerce $CM Shares Acquired by Generali Asset Management SPA SGR

Key Points

• Generali Asset Management SPA SGR increased its stake in Canadian Imperial Bank of Commerce by 590.4% in the fourth quarter, buying 15,651 additional shares and bringing its total holding to 18,302 shares worth about $1.66 million.
• CIBC reported better-than-expected quarterly earnings of $1.99 per share on revenue of $6.16 billion, with revenue up 15.3% year over year. Analysts now expect the bank to earn 7.57 EPS for the full fiscal year.
• The bank recently paid a quarterly dividend of $1.07 per share, equal to an annualized yield of 3.9%, while analysts currently rate the stock a Moderate Buy with an average price target of $107.50.

Generali Asset Management SPA SGR grew its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 590.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,302 shares of the bank's stock after purchasing an additional 15,651 shares during the period. Generali Asset Management SPA SGR's holdings in Canadian Imperial Bank of Commerce were worth $1,658,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Larson Financial Group LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 119.7% in the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank's stock valued at $32,000 after purchasing an additional 219 shares in the last quarter. Grey Fox Wealth Advisors LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $34,000. Guerra Advisors Inc acquired a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $35,000. Lodestone Wealth Management LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $37,000. Finally, CX Institutional lifted its position in Canadian Imperial Bank of Commerce by 301.1% during the 3rd quarter. CX Institutional now owns 722 shares of the bank's stock worth $58,000 after acquiring an additional 542 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at $110.00 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.13. Canadian Imperial Bank of Commerce has a 52-week low of $63.44 and a 52-week high of $113.28. The stock's 50 day moving average is $101.71 and its two-hundred day moving average is $94.19. The company has a market capitalization of $101.01 billion, a PE ratio of 16.03, a P/E/G ratio of 1.13 and a beta of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The company had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $5.53 billion. During the same period in the previous year, the business earned $2.20 EPS. Canadian Imperial Bank of Commerce's revenue for the quarter was up 15.3% compared to the same quarter last year. Analysts predict that Canadian Imperial Bank of Commerce will post 7.57 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 28th. Stockholders of record on Friday, March 27th were issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Friday, March 27th. Canadian Imperial Bank of Commerce's payout ratio is 45.77%.

Analysts Set New Price Targets

Several research firms recently commented on CM. Barclays raised Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research report on Thursday, February 19th. Zacks Research lowered Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. Weiss Ratings lowered Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Friday, April 17th. Finally, Scotiabank reissued an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, May 4th. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $107.50.

Canadian Imperial Bank of Commerce Company Profile

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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