Canadian Imperial Bank of Commerce $CM Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn increased its stake in Canadian Imperial Bank of Commerce by 10.5% to 10,349,841 shares, making CIBC its fourth-largest holding and representing about 2.6% of the firm's portfolio (CIBC stake valued at roughly $826.9 million, or 1.11% of the bank).
• Canadian Imperial Bank of Commerce beat expectations with quarterly EPS of $1.99 vs. $1.74 and revenue of $6.16 billion (up 15.3% year-over-year), signaling a strong quarter.
• The bank announced a quarterly dividend of $1.07 (annualized $4.28, ~4.3% yield) and carries a consensus analyst rating of "Moderate Buy" with a $107.50 target after several upgrades, including Barclays moving to overweight.

Connor Clark & Lunn Investment Management Ltd. raised its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 10.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,349,841 shares of the bank's stock after purchasing an additional 980,811 shares during the quarter. Canadian Imperial Bank of Commerce accounts for approximately 2.6% of Connor Clark & Lunn Investment Management Ltd.'s portfolio, making the stock its 4th largest position. Connor Clark & Lunn Investment Management Ltd. owned about 1.11% of Canadian Imperial Bank of Commerce worth $826,866,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the company. Sivia Capital Partners LLC purchased a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth $262,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at $35,000. Savant Capital LLC lifted its stake in Canadian Imperial Bank of Commerce by 21.7% during the 2nd quarter. Savant Capital LLC now owns 20,253 shares of the bank's stock worth $1,435,000 after acquiring an additional 3,610 shares in the last quarter. Penserra Capital Management LLC lifted its stake in Canadian Imperial Bank of Commerce by 1,177.8% during the 2nd quarter. Penserra Capital Management LLC now owns 1,035 shares of the bank's stock worth $72,000 after acquiring an additional 954 shares in the last quarter. Finally, Vise Technologies Inc. purchased a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $1,822,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Trading Down 0.3%

CM opened at $99.09 on Thursday. The business has a fifty day moving average price of $95.46 and a 200 day moving average price of $87.90. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.02 and a quick ratio of 1.02. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $105.00. The stock has a market capitalization of $91.60 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.03 and a beta of 1.00.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.74 by $0.25. The company had revenue of $6.16 billion for the quarter, compared to analyst estimates of $5.53 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.20% and a net margin of 15.15%.Canadian Imperial Bank of Commerce's revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.20 EPS. Sell-side 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Friday, March 27th will be issued a $1.07 dividend. The ex-dividend date of this dividend is Friday, March 27th. This represents a $4.28 annualized dividend and a yield of 4.3%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 45.63%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Barclays raised Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research report on Thursday, February 19th. Raymond James Financial assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They set a "market perform" rating on the stock. Zacks Research upgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 4th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price 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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