Canadian Imperial Bank of Commerce $CM Shares Sold by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP reduced its stake in Canadian Imperial Bank of Commerce by 5.9% in the first quarter, selling 186,975 shares and leaving it with about 2.98 million shares valued at roughly $282.2 million.
• CIBC posted solid quarterly results, with earnings of $1.86 per share beating estimates and revenue of $5.89 billion slightly topping expectations. Revenue rose 14% year over year, and analysts expect 7.37 EPS for the current fiscal year.
• The bank declared a quarterly dividend of $1.07 per share, equal to an annualized payout of $4.28 and a yield of 3.6%. The payout ratio stands at 42.58%, and analysts currently view the stock as a “Moderate Buy” with a $167 target price.

Dimensional Fund Advisors LP lessened its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 5.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,978,994 shares of the bank's stock after selling 186,975 shares during the period. Dimensional Fund Advisors LP owned about 0.32% of Canadian Imperial Bank of Commerce worth $282,203,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CM. Sequoia Financial Advisors LLC increased its stake in Canadian Imperial Bank of Commerce by 1.2% during the fourth quarter. Sequoia Financial Advisors LLC now owns 9,716 shares of the bank's stock valued at $880,000 after purchasing an additional 114 shares during the last quarter. Sivia Capital Partners LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 3.1% in the 4th quarter. Sivia Capital Partners LLC now owns 3,832 shares of the bank's stock valued at $347,000 after buying an additional 116 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 3.5% in the 3rd quarter. Parallel Advisors LLC now owns 3,404 shares of the bank's stock valued at $272,000 after buying an additional 116 shares during the period. McIlrath & Eck LLC grew its position in shares of Canadian Imperial Bank of Commerce by 7.1% during the 4th quarter. McIlrath & Eck LLC now owns 1,936 shares of the bank's stock valued at $175,000 after buying an additional 128 shares during the last quarter. Finally, Bridgewater Advisors Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 4.2% during the 4th quarter. Bridgewater Advisors Inc. now owns 3,402 shares of the bank's stock valued at $311,000 after buying an additional 138 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $117.83 on Thursday. The firm has a market capitalization of $107.56 billion, a PE ratio of 16.19, a P/E/G ratio of 1.27 and a beta of 1.02. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The firm has a 50-day moving average price of $113.82 and a 200 day moving average price of $104.20. Canadian Imperial Bank of Commerce has a 52-week low of $71.00 and a 52-week high of $122.50.

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 EPS for the quarter, topping analysts' consensus estimates of $1.78 by $0.08. The company had revenue of $5.89 billion for the quarter, compared to the consensus estimate of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. Canadian Imperial Bank of Commerce's revenue was up 14.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.05 EPS. On average, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be given a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is 42.58%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CM shares. Weiss Ratings cut shares of Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, July 15th. Royal Bank Of Canada raised their target price on 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. Barclays reissued an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Raymond James Financial reaffirmed a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce 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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