Canadian Imperial Bank of Commerce (NYSE:CM) Position Trimmed by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its position in Canadian Imperial Bank of Commerce (CIBC) by 3.5%, ending the quarter with 6,597,947 shares valued at approximately $371.14 million.
• The bank recently increased its quarterly dividend to $0.7024 per share, boosting its annualized dividend yield to 3.80% with a payout ratio of 49.56%.
• Despite some analysts downgrading the stock to a "sell" rating, others have given CIBC an "outperform" rating with price targets ranging from $102.00 to $116.00.

Mackenzie Financial Corp lessened its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 3.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,597,947 shares of the bank's stock after selling 237,848 shares during the quarter. Mackenzie Financial Corp owned approximately 0.70% of Canadian Imperial Bank of Commerce worth $371,137,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Operose Advisors LLC purchased a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at about $26,000. TruNorth Capital Management LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 156.0% during the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after buying an additional 312 shares during the last quarter. HM Payson & Co. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at about $29,000. Private Trust Co. NA lifted its holdings in shares of 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 valued at $44,000 after buying an additional 223 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 51.1% during the 1st quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock valued at $51,000 after buying an additional 305 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

CM has been the subject of several research reports. BMO Capital Markets lifted their price target on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Royal Bank Of Canada lifted their price target on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Wall Street Zen lowered Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Friday, July 18th. National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Finally, Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Stock Up 0.3%

Shares of CM stock opened at $73.99 on Monday. Canadian Imperial Bank of Commerce has a 12 month low of $47.55 and a 12 month high of $74.63. The firm has a market cap of $68.92 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 1.60 and a beta of 1.05. The stock has a 50 day moving average of $70.11 and a 200-day moving average of $63.71. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The company's quarterly revenue was up 13.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.75 earnings per share. On average, equities analysts predict 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 will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be given a dividend of $0.7024 per share. The ex-dividend date is Friday, June 27th. This is a boost 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 3.80%. 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.

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