Canadian Imperial Bank of Commerce $CM Shares Bought by M&T Bank Corp

Key Points

• M&T Bank Corp boosted its stake in Canadian Imperial Bank of Commerce by 570.4% in Q4, buying an additional 47,090 shares to hold 55,345 shares valued at about $5.02 million.
• CIBC beat expectations for the quarter with EPS of $1.99 versus $1.74 expected and revenue of $6.16 billion (vs. $5.53 billion), a 15.3% year-over-year revenue increase.
• The bank declared a quarterly dividend of $1.07 (annualized $4.28) giving a yield of about 3.9%, with an ex-dividend date of March 27 and payment on April 28.

M&T Bank Corp boosted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 570.4% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 55,345 shares of the bank's stock after purchasing an additional 47,090 shares during the period. M&T Bank Corp's holdings in Canadian Imperial Bank of Commerce were worth $5,015,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of CM. Vanguard Group Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 42,220,867 shares of the bank's stock valued at $3,373,827,000 after buying an additional 810,582 shares during the period. TD Asset Management Inc lifted its holdings in Canadian Imperial Bank of Commerce by 1.1% in the third quarter. TD Asset Management Inc now owns 22,752,807 shares of the bank's stock valued at $1,818,556,000 after acquiring an additional 249,722 shares during the period. Canerector Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 11,021.0% in the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank's stock valued at $1,776,913,000 after acquiring an additional 22,042,000 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in Canadian Imperial Bank of Commerce by 10.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,349,841 shares of the bank's stock worth $826,866,000 after purchasing an additional 980,811 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its position in Canadian Imperial Bank of Commerce by 4.0% in the 3rd quarter. CIBC Asset Management Inc now owns 9,910,976 shares of the bank's stock worth $791,049,000 after purchasing an additional 384,414 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $109.60 on Monday. The company has a market capitalization of $100.64 billion, a P/E ratio of 15.98, a P/E/G ratio of 1.13 and a beta of 1.00. The business's 50 day moving average is $99.95 and its two-hundred day moving average is $92.71. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. Canadian Imperial Bank of Commerce has a 12-month low of $60.32 and a 12-month high of $110.65.

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 EPS for the quarter, beating analysts' consensus estimates of $1.74 by $0.25. The business had revenue of $6.16 billion during the quarter, compared to analysts' expectations of $5.53 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The business's revenue was up 15.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.20 earnings per share. Analysts expect that Canadian Imperial Bank of Commerce will post 7.51 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Friday, March 27th will be paid a $1.07 dividend. 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 3.9%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 45.77%.

Analysts Set New Price Targets

CM has been the subject of several recent research reports. Barclays raised shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a report on Thursday, February 19th. Weiss Ratings downgraded shares of Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a report on Friday, April 17th. Finally, Zacks Research raised shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $107.50.

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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