Canadian Imperial Bank of Commerce $CM Stock Holdings Trimmed by Candriam S.C.A.

Key Points

• Candriam S.C.A. trimmed its stake in Canadian Imperial Bank of Commerce by 3.7% in the first quarter, selling 11,352 shares and leaving it with 297,713 shares worth about $28.1 million.
• CIBC posted stronger-than-expected quarterly results, with EPS of $1.86 beating estimates of $1.78 and revenue of $5.89 billion slightly ahead of forecasts. Revenue rose 14% year over year.
• The bank also announced a quarterly dividend of $1.07 per share, or $4.28 annualized, implying a 3.6% yield and a payout ratio of 42.58%.

Candriam S.C.A. decreased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 3.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 297,713 shares of the bank's stock after selling 11,352 shares during the quarter. Candriam S.C.A.'s holdings in Canadian Imperial Bank of Commerce were worth $28,126,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Larson Financial Group LLC lifted its holdings in 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 worth $32,000 after purchasing an additional 219 shares during the period. EFG International AG acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $35,000. Lodestone Wealth Management LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $37,000. Aventura Private Wealth LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $69,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA increased its stake in shares of Canadian Imperial Bank of Commerce by 87.0% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank's stock valued at $69,000 after acquiring an additional 400 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CM shares. Barclays restated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Raymond James Financial reissued a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Zacks Research lowered Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. Weiss Ratings cut Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Thursday, June 4th. Finally, Scotiabank reiterated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $167.00.

Canadian Imperial Bank of Commerce Trading Up 2.3%

Shares of Canadian Imperial Bank of Commerce stock traded up $2.61 on Friday, reaching $117.96. 1,104,857 shares of the company were exchanged, compared to its average volume of 1,759,341. Canadian Imperial Bank of Commerce has a fifty-two week low of $71.00 and a fifty-two week high of $118.08. The firm has a market capitalization of $107.68 billion, a price-to-earnings ratio of 16.20, a price-to-earnings-growth ratio of 1.27 and a beta of 1.02. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The stock has a fifty day moving average price of $112.53 and a 200-day moving average price of $102.60.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating analysts' consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The company had revenue of $5.89 billion during the quarter, compared to analyst estimates of $5.86 billion. During the same period in the prior year, the firm earned $2.05 earnings per share. The business's quarterly revenue was up 14.0% on a year-over-year basis. On average, analysts expect that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

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

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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