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

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

A number of other large investors have also recently bought and sold shares of the stock. Norges Bank acquired a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $570,477,000. Capital International Investors acquired a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth about $424,386,000. FIL Ltd raised its position 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 period. JPMorgan Chase & Co. raised its position in shares of Canadian Imperial Bank of Commerce by 37.3% during the fourth quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank's stock worth $508,566,000 after purchasing an additional 2,185,262 shares during the period. Finally, Mackenzie Financial Corp raised its position in shares of Canadian Imperial Bank of Commerce by 41.1% during the fourth quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock worth $431,952,000 after purchasing an additional 1,990,520 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM traded up $0.27 on Friday, reaching $73.29. 742,666 shares of the company's stock traded hands, compared to its average volume of 1,124,584. The stock's 50 day simple moving average is $69.23 and its two-hundred day simple moving average is $63.32. Canadian Imperial Bank of Commerce has a 52-week low of $47.55 and a 52-week high of $73.52. The stock has a market cap of $68.40 billion, a PE ratio of 12.88, a PEG ratio of 1.58 and a beta of 1.05. 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 quarterly earnings data 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 business had revenue of $5.09 billion for the quarter, compared to analysts' expectations 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 was up 13.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.75 EPS. On average, 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 business also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.7024 per share. This represents a $2.81 annualized dividend and a dividend yield of 3.83%. The ex-dividend date of this dividend is Friday, June 27th. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio is 49.56%.

Wall Street Analysts Forecast Growth

CM has been the subject of a number of analyst reports. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. Royal Bank Of Canada lifted their target price on 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. BMO Capital Markets lifted their target price 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. Finally, Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" 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.