Canadian Imperial Bank of Commerce $CM Shares Bought by Mediolanum International Funds Ltd

Key Points

• Mediolanum International Funds Ltd increased its stake in Canadian Imperial Bank of Commerce by 142.8% in the first quarter, buying an additional 83,784 shares and bringing its total to 142,455 shares worth about $13.1 million.
• CIBC reported better-than-expected quarterly results, posting EPS of $1.86 versus the $1.78 estimate and revenue of $5.89 billion, with revenue up 14% year over year.
• The bank declared a quarterly dividend of $1.07 per share, equivalent to an annualized yield of 3.5%, while analysts currently have a consensus rating of Moderate Buy with an average price target of $167.00.

Mediolanum International Funds Ltd raised its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 142.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 142,455 shares of the bank's stock after purchasing an additional 83,784 shares during the quarter. Mediolanum International Funds Ltd's holdings in Canadian Imperial Bank of Commerce were worth $13,086,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Sequoia Financial Advisors LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 1.2% during the fourth quarter. Sequoia Financial Advisors LLC now owns 9,716 shares of the bank's stock worth $880,000 after purchasing an additional 114 shares during the period. Sivia Capital Partners LLC raised its position in Canadian Imperial Bank of Commerce by 3.1% during the 4th quarter. Sivia Capital Partners LLC now owns 3,832 shares of the bank's stock worth $347,000 after buying an additional 116 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 3.5% in the 3rd quarter. Parallel Advisors LLC now owns 3,404 shares of the bank's stock worth $272,000 after acquiring an additional 116 shares during the period. McIlrath & Eck LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 7.1% in the 4th quarter. McIlrath & Eck LLC now owns 1,936 shares of the bank's stock worth $175,000 after acquiring an additional 128 shares during the period. Finally, Bridgewater Advisors Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 4.2% in the fourth quarter. Bridgewater Advisors Inc. now owns 3,402 shares of the bank's stock valued at $311,000 after acquiring an additional 138 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $121.26 on Monday. The business has a 50 day moving average price of $113.41 and a 200 day moving average price of $103.64. The company has a market capitalization of $110.69 billion, a P/E ratio of 16.66, a PEG ratio of 1.31 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 1-year low of $71.00 and a 1-year high of $122.50. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.08. The company had revenue of $5.89 billion for the quarter, compared to analyst estimates of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.Canadian Imperial Bank of Commerce's revenue was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.05 earnings per share. Sell-side analysts expect that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be issued a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is 42.58%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CM shares. Royal Bank Of Canada boosted their price target on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an "outperform" rating in a research note on Monday, June 1st. Weiss Ratings cut Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday. Zacks Research downgraded Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Scotiabank reiterated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $167.00.

Canadian Imperial Bank of Commerce 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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