Cardinal Capital Management Inc. Has $157.38 Million Stock Holdings in Canadian Imperial Bank of Commerce $CM

Key Points

• Cardinal Capital Management trimmed its stake in Canadian Imperial Bank of Commerce by 5.2% in Q4, selling 94,616 shares and leaving it with 1,736,864 shares worth about $157.38 million (roughly 0.19% of CIBC and its 15th-largest holding).
• CIBC beat expectations for the quarter with EPS of $1.99 versus $1.74 estimated and revenue of $6.16 billion versus $5.53 billion, a 15.3% year-over-year revenue increase.
• The bank declared a quarterly dividend of $1.07 (annualized $4.28, ~4.2% yield), and recent analyst upgrades leave a MarketBeat consensus of Moderate Buy with a $107.50 target.

Cardinal Capital Management Inc. decreased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 5.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,736,864 shares of the bank's stock after selling 94,616 shares during the period. Canadian Imperial Bank of Commerce makes up about 0.0% of Cardinal Capital Management Inc.'s portfolio, making the stock its 15th biggest position. Cardinal Capital Management Inc. owned about 0.19% of Canadian Imperial Bank of Commerce worth $157,377,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Parallel Advisors LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 3.5% in the 3rd quarter. Parallel Advisors LLC now owns 3,404 shares of the bank's stock valued at $272,000 after purchasing an additional 116 shares during the last quarter. Brown Advisory Inc. raised its stake in Canadian Imperial Bank of Commerce by 2.6% during the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank's stock worth $445,000 after acquiring an additional 160 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake 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 worth $157,000 after acquiring an additional 161 shares in the last quarter. Checchi Capital Advisers LLC raised its stake 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 worth $383,000 after acquiring an additional 169 shares in the last quarter. Finally, Pacifica Partners Inc. raised 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 acquiring an additional 190 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Up 1.5%

NYSE CM opened at $102.50 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.13. Canadian Imperial Bank of Commerce has a twelve month low of $55.61 and a twelve month high of $105.00. The company has a market cap of $94.12 billion, a price-to-earnings ratio of 14.94, a price-to-earnings-growth ratio of 1.04 and a beta of 1.00. The business's fifty day moving average is $97.34 and its 200 day moving average is $90.50.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.25. The company had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $5.53 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The business's quarterly revenue was up 15.3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.20 earnings per share. As a group, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 4.2%. The ex-dividend date is Friday, March 27th. Canadian Imperial Bank of Commerce's dividend payout ratio is 45.77%.

Analyst Upgrades and Downgrades

Several research analysts have commented on CM shares. Weiss Ratings raised Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Tuesday, March 10th. Zacks Research raised shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 4th. Finally, Barclays raised shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research note on Thursday, February 19th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $107.50.

About Canadian Imperial Bank of Commerce

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.

Want to see what other hedge funds are holding CM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.