Capital International Investors Boosts Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• Capital International Investors increased its stake in Canadian Imperial Bank of Commerce to 4,138,483 shares (up 79,591 shares, +2.0%), representing about 0.45% of the company and valued at roughly $330.7 million at quarter-end.
• CIBC reported stronger-than-expected quarterly results with EPS of $1.99 vs. $1.74 consensus and revenue of $6.16 billion (up 15.3% year‑over‑year), beating analyst estimates for the quarter.
• The bank declared a quarterly dividend of $1.07 ($4.28 annualized) for a 4.3% yield (ex-dividend March 27, payable April 28), and holds a consensus analyst rating of “Moderate Buy” with an average price target of $107.50.

Capital International Investors grew its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 2.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,138,483 shares of the bank's stock after acquiring an additional 79,591 shares during the quarter. Capital International Investors owned about 0.45% of Canadian Imperial Bank of Commerce worth $330,704,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CM. Parallel Advisors LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 3.5% during the 3rd quarter. Parallel Advisors LLC now owns 3,404 shares of the bank's stock worth $272,000 after purchasing an additional 116 shares during the period. Brown Advisory Inc. raised its holdings in Canadian Imperial Bank of Commerce by 2.6% in the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank's stock valued at $445,000 after buying an additional 160 shares during the period. EverSource Wealth Advisors LLC lifted its position in Canadian Imperial Bank of Commerce by 8.9% during the third quarter. EverSource Wealth Advisors LLC now owns 1,962 shares of the bank's stock valued at $157,000 after buying an additional 161 shares in the last quarter. Checchi Capital Advisers LLC lifted its position in Canadian Imperial Bank of Commerce by 3.7% during the third quarter. Checchi Capital Advisers LLC now owns 4,799 shares of the bank's stock valued at $383,000 after buying an additional 169 shares in the last quarter. Finally, Pacifica Partners Inc. grew its stake in Canadian Imperial Bank of Commerce by 12.1% during the third quarter. Pacifica Partners Inc. now owns 1,756 shares of the bank's stock worth $141,000 after buying an additional 190 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Up 1.5%

NYSE:CM opened at $99.37 on Wednesday. The stock has a market cap of $91.86 billion, a price-to-earnings ratio of 14.49, a price-to-earnings-growth ratio of 1.01 and a beta of 1.00. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $105.00. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.02 and a current ratio of 1.02. The business's 50-day simple moving average is $95.29 and its 200 day simple moving average is $87.82.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, February 26th. The bank reported $1.99 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a return on equity of 15.20% and a net margin of 15.15%.The firm had revenue of $6.16 billion during the quarter, compared to analyst estimates of $5.53 billion. During the same quarter last year, the firm earned $2.20 EPS. Canadian Imperial Bank of Commerce's quarterly revenue was up 15.3% on a year-over-year basis. As a group, sell-side 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Friday, March 27th will be paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Friday, March 27th. Canadian Imperial Bank of Commerce's payout ratio is 44.61%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CM shares. Weiss Ratings reissued a "buy (b)" rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Barclays upgraded shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a report on Thursday, February 19th. Zacks Research upgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 4th. Finally, Raymond James Financial assumed coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a "market perform" rating on the stock. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and an average price target of $107.50.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

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