Canadian Imperial Bank of Commerce $CM Shares Sold by Principal Financial Group Inc.

Key Points

• Principal Financial Group reduced its CIBC stake by 66% in the first quarter, selling 24,900 shares and retaining 12,800 shares valued at approximately $1.2 million.
• CIBC reported quarterly EPS of $1.86, beating estimates of $1.78, while revenue rose 14% year over year to $5.89 billion. The bank also maintains a quarterly dividend of $1.07 per share, yielding about 3.6% annually.
• Shares opened at $118.54, near their 52-week high of $122.50. Analysts’ consensus remains “Moderate Buy,” with an average price target of $167, while institutional investors and hedge funds own 49.88% of the stock.

Principal Financial Group Inc. cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 66.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,800 shares of the bank's stock after selling 24,900 shares during the period. Principal Financial Group Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $1,209,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Canadian Imperial Bank of Commerce by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank's stock valued at $3,907,078,000 after purchasing an additional 876,974 shares in the last quarter. FIL Ltd boosted its stake in shares of Canadian Imperial Bank of Commerce by 26.1% in the 4th quarter. FIL Ltd now owns 12,756,323 shares of the bank's stock valued at $1,156,438,000 after buying an additional 2,643,495 shares during the period. Cibc World Market Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 1.3% during the fourth quarter. Cibc World Market Inc. now owns 12,010,183 shares of the bank's stock worth $1,088,243,000 after buying an additional 158,634 shares in the last quarter. Mackenzie Financial Corp grew its position in shares of Canadian Imperial Bank of Commerce by 69.3% during the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank's stock worth $986,173,000 after buying an additional 4,419,968 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth approximately $958,383,000. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM opened at $118.54 on Friday. The stock's 50-day simple moving average is $114.47 and its 200-day simple moving average is $105.40. The firm has a market capitalization of $108.21 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 1.28 and a beta of 1.02. Canadian Imperial Bank of Commerce has a fifty-two week low of $71.00 and a fifty-two week high of $122.50. 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 announced its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.78 by $0.08. The firm had revenue of $5.89 billion during the quarter, compared to the consensus estimate of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The firm's quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.05 earnings per share. As a group, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CM shares. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. 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. Raymond James Financial reissued a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Jefferies Financial Group restated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Finally, Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $167.00.

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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