Citigroup Inc. Trims Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• Citigroup Inc. has reduced its stake in Canadian Imperial Bank of Commerce (CIBC) by 21% in the first quarter, trimming its holdings to 420,199 shares valued at approximately $23.6 million.
• CIBC reported a strong earnings performance with an EPS of $1.44 for the last quarter, surpassing estimates and reflecting a 13.9% increase in revenue year-over-year.
• The bank announced an increase in its quarterly dividend to $0.7024 per share, representing an annualized yield of 3.8%, up from the previous dividend of $0.67.

Citigroup Inc. trimmed its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 21.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 420,199 shares of the bank's stock after selling 111,725 shares during the quarter. Citigroup Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $23,634,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of CM. Operose Advisors LLC bought a new position in Canadian Imperial Bank of Commerce in the fourth quarter worth approximately $26,000. HM Payson & Co. bought a new position in Canadian Imperial Bank of Commerce in the first quarter worth approximately $29,000. TruNorth Capital Management LLC grew its stake in Canadian Imperial Bank of Commerce by 156.0% in the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock worth $29,000 after purchasing an additional 312 shares in the last quarter. Private Trust Co. NA grew its stake 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 worth $44,000 after purchasing an additional 223 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its stake in Canadian Imperial Bank of Commerce by 51.1% in the first quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock worth $51,000 after purchasing an additional 305 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on CM shares. Scotiabank started coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a "sector outperform" rating on the stock. BMO Capital Markets increased their price objective on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Royal Bank Of Canada increased their target price on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Finally, Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Stock Down 0.0%

NYSE CM traded down $0.01 during midday trading on Friday, hitting $73.82. 943,475 shares of the company traded hands, compared to its average volume of 1,369,016. Canadian Imperial Bank of Commerce has a 52 week low of $51.55 and a 52 week high of $74.63. The company's 50-day simple moving average is $71.58 and its 200-day simple moving average is $64.71. 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 company has a market cap of $68.61 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 1.60 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 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 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 business's revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.75 EPS. As a group, equities research analysts forecast 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 was paid on Monday, July 28th. Investors of record on Friday, June 27th were paid a $0.7024 dividend. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date was Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a yield of 3.8%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 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.