Canadian Imperial Bank of Commerce $CM Shares Acquired 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 grew its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 1,784.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. American Century Companies Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 5.3% in the first quarter. American Century Companies Inc. now owns 315,078 shares of the bank's stock valued at $17,724,000 after acquiring an additional 15,867 shares in the last quarter. Hudson Value Partners LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter valued at $708,000. MQS Management LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter valued at $536,000. Cerity Partners LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 110.7% in the first quarter. Cerity Partners LLC now owns 32,559 shares of the bank's stock valued at $1,833,000 after acquiring an additional 17,103 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Canadian Imperial Bank of Commerce by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 878,426 shares of the bank's stock valued at $49,455,000 after acquiring an additional 9,623 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Down 0.5%

NYSE:CM traded down $0.39 on Friday, hitting $79.16. 617,567 shares of the stock were exchanged, compared to its average volume of 1,241,380. The stock has a market cap of $73.58 billion, a PE ratio of 13.37, a PEG ratio of 1.72 and a beta of 1.03. 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 fifty day moving average of $74.24 and a 200-day moving average of $66.70. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $79.67.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. The company had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The firm's revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.93 earnings per share. As a group, equities analysts expect 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 paid a dividend of $0.97 per share. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. This represents a $3.88 annualized dividend and a yield of 4.9%. The ex-dividend date is Monday, September 29th. Canadian Imperial Bank of Commerce's payout ratio is currently 47.30%.

Analysts Set New Price Targets

CM has been the topic of several recent research reports. BMO Capital Markets upped 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. Royal Bank Of Canada upped their target price on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price 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.