Canadian Imperial Bank of Commerce (NYSE:CM) Stock Holdings Boosted by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia increased its holdings in Canadian Imperial Bank of Commerce by 4.5% in the first quarter, now owning approximately 2.4% of its investment portfolio, making it the bank's 6th largest holding.
• Canadian Imperial Bank of Commerce reported earnings of $1.44 per share, exceeding expectations, with a revenue of $5.09 billion for the quarter, marking a 13.9% year-over-year increase.
• The bank declared a quarterly dividend of $0.7024 per share, representing an annualized dividend of $2.81 and a yield of 3.9%, reflecting a positive change from its previous dividend amount.

Bank of Nova Scotia lifted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 4.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,967,436 shares of the bank's stock after purchasing an additional 773,174 shares during the period. Canadian Imperial Bank of Commerce accounts for 2.4% of Bank of Nova Scotia's investment portfolio, making the stock its 6th biggest holding. Bank of Nova Scotia owned approximately 1.91% of Canadian Imperial Bank of Commerce worth $1,010,849,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Toronto Dominion Bank grew its stake in Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock valued at $1,398,619,000 after buying an additional 234,088 shares in the last quarter. FIL Ltd grew its position in shares of Canadian Imperial Bank of Commerce by 53.6% during the 4th quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock valued at $783,613,000 after purchasing an additional 4,321,451 shares in the last quarter. Mackenzie Financial Corp grew its position in shares of Canadian Imperial Bank of Commerce by 41.1% during the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock valued at $431,952,000 after purchasing an additional 1,990,520 shares in the last quarter. Capital International Investors purchased a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $424,386,000. Finally, Geode Capital Management LLC grew its position in shares of Canadian Imperial Bank of Commerce by 31.3% during the 4th quarter. Geode Capital Management LLC now owns 5,573,202 shares of the bank's stock valued at $357,480,000 after purchasing an additional 1,327,967 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. Wall Street Zen lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. BMO Capital Markets lifted their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Finally, Royal Bank Of Canada lifted their price objective on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Trading Up 0.5%

Canadian Imperial Bank of Commerce stock traded up $0.36 during mid-day trading on Friday, hitting $71.80. The company's stock had a trading volume of 989,853 shares, compared to its average volume of 1,343,556. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $66.88 billion, a price-to-earnings ratio of 12.62, a price-to-earnings-growth ratio of 1.56 and a beta of 1.06. The business has a 50 day moving average price of $70.63 and a 200-day moving average price of $64.07. Canadian Imperial Bank of Commerce has a 12 month low of $47.55 and a 12 month high of $74.63.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.10. The business had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The firm's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.75 earnings per share. As a group, analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 28th. Shareholders of record on Friday, June 27th were given a $0.7024 dividend. The ex-dividend date was Friday, June 27th. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 dividend on an annualized basis and a dividend yield of 3.9%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 49.56%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.