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

Key Points

• Cardinal Capital Management reduced its CIBC stake by 1.5% in the second quarter, selling 23,790 shares but retaining 1.53 million shares valued at approximately $176.2 million. Institutional investors and hedge funds collectively own 49.88% of the bank.
• Analysts maintain a generally positive outlook, with CIBC holding a consensus “Moderate Buy” rating and a target price of $167.00. Royal Bank of Canada recently raised its target to $167, while Desjardins downgraded the stock to “Hold.”
• CIBC’s latest quarterly results exceeded expectations, with EPS of $1.86 and revenue of $5.89 billion, up 14% year over year. The bank also pays a quarterly dividend of $1.07 per share, equivalent to a 3.6% annual yield.

Cardinal Capital Management Inc. lowered its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 1.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,533,246 shares of the bank's stock after selling 23,790 shares during the period. Canadian Imperial Bank of Commerce comprises about 4.3% of Cardinal Capital Management Inc.'s portfolio, making the stock its 4th largest holding. Cardinal Capital Management Inc. owned 0.17% of Canadian Imperial Bank of Commerce worth $176,213,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CM. Sivia Capital Partners LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth about $262,000. EverSource Wealth Advisors LLC increased its position in shares of Canadian Imperial Bank of Commerce by 12.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank's stock valued at $128,000 after acquiring an additional 193 shares during the last quarter. Brown Advisory Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 2.6% in the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank's stock valued at $445,000 after acquiring an additional 160 shares during the last quarter. Qube Research & Technologies Ltd raised its holdings in Canadian Imperial Bank of Commerce by 74.6% during the second quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank's stock worth $23,833,000 after acquiring an additional 143,588 shares in the last quarter. Finally, NewEdge Advisors LLC raised its holdings in Canadian Imperial Bank of Commerce by 7,315.0% during the second quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank's stock worth $210,000 after acquiring an additional 2,926 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a "buy (b)" rating to a "buy (b+)" rating in a research note on Friday, July 31st. Raymond James Financial reaffirmed a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Desjardins cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Scotiabank reissued an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Finally, Royal Bank Of Canada raised their target price on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an "outperform" rating in a research note on Monday, June 1st. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $118.99 on Wednesday. Canadian Imperial Bank of Commerce has a 52 week low of $72.57 and a 52 week high of $122.50. The company has a market capitalization of $108.62 billion, a price-to-earnings ratio of 16.34, a PEG ratio of 1.29 and a beta of 1.01. The company has a 50-day simple moving average of $115.51 and a 200 day simple moving average of $106.84. The company has a debt-to-equity ratio of 0.11, 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 28th. The bank reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.08. The firm had revenue of $5.89 billion for the quarter, compared to analysts' expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The business's revenue was up 14.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.05 EPS. On average, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 7.35 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th were paid a dividend of $1.07 per share. The ex-dividend date was Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.6%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 42.58%.

Canadian Imperial Bank of Commerce Company Profile

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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