Canadian Imperial Bank of Commerce $CM Stake Decreased by Mufg Securities Canada LTD.

Key Points

• Mufg Securities Canada LTD. reduced its stake in Canadian Imperial Bank of Commerce by 8.1% in the fourth quarter, selling 123,894 shares and leaving it with 1,414,164 shares worth about $128.2 million.
• CIBC recently beat earnings expectations, reporting $1.86 EPS versus $1.78 estimated and revenue of $5.89 billion, while also posting 14% year-over-year revenue growth.
• The bank announced a quarterly dividend of $1.07 per share, implying an annualized yield of 3.8%, while analysts currently have an average Hold rating and a $167 price target.

Mufg Securities Canada LTD. cut its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 8.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,414,164 shares of the bank's stock after selling 123,894 shares during the quarter. Canadian Imperial Bank of Commerce accounts for 3.6% of Mufg Securities Canada LTD.'s portfolio, making the stock its 10th biggest holding. Mufg Securities Canada LTD. owned 0.15% of Canadian Imperial Bank of Commerce worth $128,231,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of CM. Larson Financial Group LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 119.7% in the third quarter. Larson Financial Group LLC now owns 402 shares of the bank's stock valued at $32,000 after buying an additional 219 shares in the last quarter. Lodestone Wealth Management LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $37,000. Smartleaf Asset Management LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 128.1% in the third quarter. Smartleaf Asset Management LLC now owns 723 shares of the bank's stock valued at $58,000 after buying an additional 406 shares in the last quarter. Aventura Private Wealth LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $69,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its stake in shares of Canadian Imperial Bank of Commerce by 87.0% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank's stock valued at $69,000 after buying an additional 400 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CM shares. Royal Bank Of Canada lifted their price target 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. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Thursday, June 4th. Scotiabank downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Monday, June 1st. Raymond James Financial reiterated a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $167.00.

Canadian Imperial Bank of Commerce Stock Up 0.0%

Shares of NYSE:CM opened at $113.51 on Monday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 52-week low of $67.46 and a 52-week high of $117.05. The stock's fifty day simple moving average is $108.86 and its 200-day simple moving average is $99.23. The company has a market capitalization of $103.61 billion, a P/E ratio of 15.59, a P/E/G ratio of 1.22 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating the consensus estimate of $1.78 by $0.08. The firm had revenue of $5.89 billion during the quarter, compared to analyst estimates 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 business's quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.05 earnings per share. As a group, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 7.43 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 3.8%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 43.13%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.