Candriam S.C.A. Purchases 69,872 Shares of 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. increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 25.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 349,205 shares of the bank's stock after purchasing 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 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of CM. JPMorgan Chase & Co. raised its holdings in shares of Canadian Imperial Bank of Commerce by 31.6% in the 1st quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock worth $595,762,000 after purchasing an additional 2,538,808 shares during the period. Nuveen LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter worth approximately $124,797,000. Mackenzie Financial Corp raised its holdings in shares of Canadian Imperial Bank of Commerce by 41.1% in the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock worth $431,952,000 after purchasing an additional 1,990,520 shares during the period. Public Sector Pension Investment Board raised its holdings in shares of Canadian Imperial Bank of Commerce by 27.2% in the 1st quarter. Public Sector Pension Investment Board now owns 4,681,008 shares of the bank's stock worth $263,281,000 after purchasing an additional 1,000,400 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Canadian Imperial Bank of Commerce by 223.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,293,763 shares of the bank's stock worth $72,767,000 after purchasing an additional 894,035 shares during the period. Institutional investors own 49.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CM. BMO Capital Markets lifted their price target on shares of 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. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Royal Bank Of Canada boosted their target price on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a report on Friday, May 30th. National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Finally, Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Four 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, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

CM stock traded up $0.0950 during midday trading on Friday, reaching $73.1650. 1,508,258 shares of the company's stock traded hands, compared to its average volume of 1,174,303. The firm has a market capitalization of $68.01 billion, a PE ratio of 12.86, a price-to-earnings-growth ratio of 1.60 and a beta of 1.06. 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 50-day moving average price of $72.07 and a two-hundred day moving average price of $65.10. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.10. The firm had revenue of $5.09 billion for the quarter, compared to analysts' expectations of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The business's quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.75 earnings per share. As a group, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current 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 issued a $0.7024 dividend. The ex-dividend date of this dividend was Friday, June 27th. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 annualized dividend and a dividend yield of 3.8%. Canadian Imperial Bank of Commerce's payout ratio is currently 49.56%.

About Canadian Imperial Bank of Commerce

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.