Bank of Nova Scotia Has $1.01 Billion Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

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 grew its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 4.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,967,436 shares of the bank's stock after acquiring an additional 773,174 shares during the quarter. Canadian Imperial Bank of Commerce accounts for 2.4% of Bank of Nova Scotia's 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 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Hudson Value Partners LLC purchased a new stake in Canadian Imperial Bank of Commerce during the 1st quarter valued at about $708,000. MQS Management LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter worth $536,000. Cerity Partners LLC increased its position in shares of Canadian Imperial Bank of Commerce by 110.7% in the 1st quarter. Cerity Partners LLC now owns 32,559 shares of the bank's stock valued at $1,833,000 after purchasing an additional 17,103 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Canadian Imperial Bank of Commerce by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 878,426 shares of the bank's stock valued at $49,455,000 after purchasing an additional 9,623 shares in the last quarter. Finally, Private Trust Co. NA grew its stake in Canadian Imperial Bank of Commerce by 40.0% during the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank's stock worth $44,000 after buying an additional 223 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. BMO Capital Markets increased their price target on 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. Wall Street Zen cut Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Scotiabank began coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating for the company. Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Finally, National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Price Performance

CM stock traded down $0.28 during trading on Wednesday, hitting $72.13. The company had a trading volume of 1,432,980 shares, compared to its average volume of 1,173,626. The business has a 50 day moving average of $70.80 and a 200 day moving average of $64.20. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $67.19 billion, a price-to-earnings ratio of 12.68, a P/E/G ratio of 1.57 and a beta of 1.06. Canadian Imperial Bank of Commerce has a fifty-two week low of $49.44 and a fifty-two week high of $74.63.

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

Canadian Imperial Bank of Commerce Increases Dividend

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