Canadian Imperial Bank of Commerce $CM Shares Sold by Addenda Capital Inc.

Key Points

• 3.5% stake reduction: Addenda Capital cut its holdings in Canadian Imperial Bank of Commerce by 3.5%, selling 15,463 shares and leaving 426,376 shares worth about $38.63 million (its 23rd largest holding).
• Earnings beat: CIBC reported quarterly EPS $1.99 versus $1.74 expected and revenue of $6.16 billion (vs. $5.53 billion), with revenue up 15.3% year‑over‑year.
• Dividend announced: CIBC declared a quarterly dividend of $1.07 (annualized $4.28) for a yield of 4.2%, with ex‑dividend date March 27 and payment on April 28.

Addenda Capital Inc. cut its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 3.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 426,376 shares of the bank's stock after selling 15,463 shares during the period. Canadian Imperial Bank of Commerce makes up about 1.4% of Addenda Capital Inc.'s investment portfolio, making the stock its 23rd largest holding. Addenda Capital Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $38,634,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CIBC Bancorp USA Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce during the third quarter worth approximately $11,217,000. JARISLOWSKY FRASER Ltd lifted its position in Canadian Imperial Bank of Commerce by 21.3% in the third quarter. JARISLOWSKY FRASER Ltd now owns 55,674 shares of the bank's stock worth $4,450,000 after purchasing an additional 9,771 shares during the period. Cidel Asset Management Inc. lifted its position in Canadian Imperial Bank of Commerce by 12.2% in the third quarter. Cidel Asset Management Inc. now owns 508,370 shares of the bank's stock worth $40,632,000 after purchasing an additional 55,138 shares during the period. Mackenzie Financial Corp lifted its position in Canadian Imperial Bank of Commerce by 1.1% in the third quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank's stock worth $509,763,000 after purchasing an additional 67,738 shares during the period. Finally, Fisher Asset Management LLC lifted its position in Canadian Imperial Bank of Commerce by 34.8% in the third quarter. Fisher Asset Management LLC now owns 1,686,816 shares of the bank's stock worth $134,760,000 after purchasing an additional 435,799 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on CM. Barclays upgraded Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research report on Thursday, February 19th. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Tuesday, March 10th. Finally, Zacks Research upgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 4th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $107.50.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $101.02 on Thursday. The company's fifty day moving average is $97.19 and its two-hundred day moving average is $90.42. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.13. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $105.00. The company has a market cap of $92.76 billion, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 1.00 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 for the quarter, topping analysts' consensus estimates of $1.74 by $0.25. The business had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $5.53 billion. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. Canadian Imperial Bank of Commerce's revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.20 earnings per share. Equities 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 firm also recently disclosed 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 is Friday, March 27th. This represents a $4.28 dividend on an annualized basis and a yield of 4.2%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 45.77%.

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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