Canadian Imperial Bank of Commerce $CM Shares Bought by Zurich Insurance Group Ltd FI

Key Points

• Zurich Insurance Group Ltd FI significantly increased its stake in the Canadian Imperial Bank of Commerce by 1,784.1%, acquiring a total of 685,827 shares worth approximately $38.62 million.
• Canadian Imperial Bank of Commerce recently reported quarterly earnings of $1.57 EPS, exceeding expectations, and announced a dividend increase to $0.97 per share, representing a yield of 5.0%.
• Analysts have mixed views on the stock, with some raising price targets, while others downgraded their ratings; the average consensus rating remains at "Moderate Buy" with a target price of $107.50.

Zurich Insurance Group Ltd FI boosted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 1,784.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 685,827 shares of the bank's stock after acquiring an additional 649,427 shares during the quarter. Zurich Insurance Group Ltd FI owned about 0.07% of Canadian Imperial Bank of Commerce worth $38,622,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. TruNorth Capital Management LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 156.0% during the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after buying an additional 312 shares during the last quarter. HM Payson & Co. bought a new position in shares of Canadian Imperial Bank of Commerce during the first quarter valued at approximately $29,000. Truvestments Capital LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the first quarter valued at approximately $32,000. Private Trust Co. NA grew its stake in shares of Canadian Imperial Bank of Commerce by 40.0% during the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after buying an additional 223 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 51.1% during the first quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock valued at $51,000 after buying an additional 305 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Down 0.5%

Shares of CM traded down $0.39 during midday trading on Friday, hitting $79.16. 617,567 shares of the company's stock traded hands, compared to its average volume of 1,225,085. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $79.67. The firm's fifty day moving average is $74.24 and its 200-day moving average is $66.79. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $73.58 billion, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of 1.71 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.12 billion. During the same period in the prior year, the firm earned $1.93 EPS. The firm's revenue was up 3.3% on a year-over-year basis. As a group, sell-side analysts anticipate 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 company also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be given a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Monday, September 29th. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's payout ratio is currently 47.64%.

Analyst Ratings Changes

A number of research firms have recently commented on CM. BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Finally, Royal Bank Of Canada boosted their price target on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a report on Friday, August 29th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average 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.