Envestnet Asset Management Inc. Trims Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Envestnet Asset Management Inc. lowered its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 2.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 427,812 shares of the bank's stock after selling 11,165 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $24,086,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank's stock worth $2,491,431,000 after purchasing an additional 749,843 shares during the last quarter. TD Asset Management Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 3.7% during the fourth quarter. TD Asset Management Inc. now owns 23,600,495 shares of the bank's stock worth $1,492,138,000 after purchasing an additional 851,164 shares during the last quarter. Toronto Dominion Bank raised its stake in shares of Canadian Imperial Bank of Commerce by 1.1% during the fourth quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock worth $1,398,619,000 after purchasing an additional 234,088 shares during the last quarter. FIL Ltd raised its stake in shares of Canadian Imperial Bank of Commerce by 53.6% during the fourth quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock worth $783,613,000 after purchasing an additional 4,321,451 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth approximately $570,477,000. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock traded up $0.38 during trading hours on Thursday, hitting $72.97. The stock had a trading volume of 237,836 shares, compared to its average volume of 1,120,856. 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 stock has a market capitalization of $68.10 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 1.56 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 stock's fifty day moving average is $68.85 and its two-hundred day moving average is $63.19.

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 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.10. The company had revenue of $5.09 billion for 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%. Canadian Imperial Bank of Commerce's revenue was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.75 earnings per share. As a group, analysts predict 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 business also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be paid a dividend of $0.7024 per share. The ex-dividend date is Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 3.85%. 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%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CM shares. 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. Scotiabank started coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Jefferies Financial Group lowered Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. BMO Capital Markets upped their price objective 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. Finally, Royal Bank Of Canada upped their price objective on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $109.00.

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.