Candriam S.C.A. Raises Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• Candriam S.C.A. increased its holdings in Canadian Imperial Bank of Commerce (CM) by 25.0% during the first quarter, owning a total of 349,205 shares valued at approximately $19.6 million.
• The bank's earnings per share for the latest quarter was reported at $1.44, exceeding analyst expectations of $1.34, along with a revenue increase of 13.9% year-over-year.
• Canadian Imperial Bank of Commerce raised its quarterly dividend from $0.67 to $0.7024, reflecting a positive growth in shareholder returns.

Candriam S.C.A. grew its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 25.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 349,205 shares of the bank's stock after acquiring an additional 69,872 shares during the quarter. Candriam S.C.A.'s holdings in Canadian Imperial Bank of Commerce were worth $19,641,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. HM Payson & Co. bought a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter valued at approximately $29,000. TruNorth Capital Management LLC increased its holdings 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 acquiring an additional 312 shares in the last quarter. Private Trust Co. NA increased its holdings 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 acquiring an additional 223 shares in the last quarter. Farther Finance Advisors LLC increased its holdings 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 acquiring an additional 305 shares in the last quarter. Finally, NBC Securities Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 121,800.0% during the first quarter. NBC Securities Inc. now owns 1,219 shares of the bank's stock valued at $68,000 after acquiring an additional 1,218 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded up $0.90 during trading on Tuesday, reaching $73.50. 911,850 shares of the stock traded hands, compared to its average volume of 1,167,465. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $74.63. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The company has a 50-day moving average of $72.15 and a 200-day moving average of $65.20. The stock has a market capitalization of $68.31 billion, a P/E ratio of 12.91, a price-to-earnings-growth ratio of 1.60 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%.The firm had revenue of $5.09 billion for the quarter, compared to analysts' expectations of $4.78 billion. During the same quarter in the prior year, the firm earned $1.75 EPS. The business's revenue for the quarter was up 13.9% compared to the same quarter last year. Analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Friday, June 27th were given a dividend of $0.7024 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 3.8%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's payout ratio is currently 49.56%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. BMO Capital Markets upped their price target on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Royal Bank Of Canada upped their price target on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating for the company. Finally, Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Four 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 presently has a consensus rating of "Moderate Buy" and an average price target of $109.00.

Canadian Imperial Bank of Commerce Company 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.