Canadian Imperial Bank of Commerce (NYSE:CM) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 1.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 878,426 shares of the bank's stock after purchasing an additional 9,623 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.09% of Canadian Imperial Bank of Commerce worth $49,455,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CM. Hudson Value Partners LLC acquired a new position in Canadian Imperial Bank of Commerce during the 1st quarter valued at about $708,000. Private Trust Co. NA grew its stake in shares of Canadian Imperial Bank of Commerce by 40.0% during the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock worth $44,000 after acquiring an additional 223 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 8.5% during the fourth quarter. American Century Companies Inc. now owns 299,211 shares of the bank's stock valued at $18,927,000 after acquiring an additional 23,403 shares in the last quarter. Capital International Investors purchased a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $424,386,000. Finally, Mackenzie Financial Corp raised its position in shares of Canadian Imperial Bank of Commerce by 41.1% in 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 during the last quarter. Institutional investors own 49.88% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, May 24th. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. BMO Capital Markets lifted their price target on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Scotiabank began coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating on the stock. Finally, National Bank Financial cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and a consensus target price of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

CM traded down $0.83 during midday trading on Monday, hitting $72.24. 888,184 shares of the company were exchanged, compared to its average volume of 1,155,933. The company's 50 day simple moving average is $68.35 and its 200 day simple moving average is $63.00. The firm has a market capitalization of $67.92 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 1.58 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 1-year low of $47.55 and a 1-year high of $73.52. The company has a current ratio of 1.05, a quick 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 posted its earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same period last year, the company earned $1.75 earnings per share. Canadian Imperial Bank of Commerce's revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, sell-side 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 company also recently announced a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be paid a $0.7024 dividend. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 annualized dividend and a dividend yield of 3.89%. The ex-dividend date of this dividend is Friday, June 27th. Canadian Imperial Bank of Commerce's payout ratio is currently 49.56%.

Canadian Imperial Bank of Commerce Company Profile

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.