Deutsche Bank AG Purchases 119,957 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• Deutsche Bank AG increased its stake in Canadian Imperial Bank of Commerce (CIBC) by 3.4%, acquiring 119,957 additional shares, totaling approximately 3.6 million shares valued at $203.3 million.
• CIBC reported earnings of $1.44 per share for its latest quarter, surpassing estimates and reflecting a 13.9% year-over-year revenue increase to $5.09 billion.
• The bank announced a quarterly dividend of $0.7024, a rise from the previous $0.67, indicating a dividend yield of 3.9%.

Deutsche Bank AG lifted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 3.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,611,890 shares of the bank's stock after purchasing an additional 119,957 shares during the quarter. Deutsche Bank AG owned 0.38% of Canadian Imperial Bank of Commerce worth $203,349,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CM. Hudson Value Partners LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter valued at $708,000. MQS Management LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth $536,000. Cerity Partners LLC boosted its stake in Canadian Imperial Bank of Commerce by 110.7% in the first quarter. Cerity Partners LLC now owns 32,559 shares of the bank's stock valued at $1,833,000 after buying an additional 17,103 shares in the last quarter. Bank of New York Mellon Corp grew its position 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 acquiring an additional 9,623 shares during the last quarter. Finally, Private Trust Co. NA grew its position in Canadian Imperial Bank of Commerce by 40.0% in the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after acquiring an additional 223 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on CM. National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating for the company. BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Royal Bank Of Canada boosted their target price on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Finally, Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce Trading Up 0.9%

NYSE CM traded up $0.68 during trading hours on Friday, reaching $72.64. The company's stock had a trading volume of 1,121,051 shares, compared to its average volume of 1,342,344. The firm has a fifty day simple moving average of $71.06 and a 200-day simple moving average of $64.39. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 52 week low of $50.49 and a 52 week high of $74.63. The stock has a market cap of $67.67 billion, a P/E ratio of 12.77, a P/E/G ratio of 1.58 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.10. The firm had revenue of $5.09 billion during the quarter, compared to analysts' expectations 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 company's revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.75 EPS. Equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Friday, June 27th were paid a $0.7024 dividend. The ex-dividend date of this dividend was Friday, June 27th. 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. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 49.56%.

Canadian Imperial Bank of Commerce 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.