Cardinal Capital Management Inc. Decreases Stock Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Cardinal Capital Management Inc. reduced its stake in Canadian Imperial Bank of Commerce by 0.5%, now holding approximately 1.8 million shares valued at $130.99 million.
• The bank's recent quarterly earnings showed an EPS of $1.57, exceeding estimates, along with a revenue of $5.24 billion, indicating a 3.3% year-over-year growth.
• Canadian Imperial Bank of Commerce has announced an increased quarterly dividend of $0.97 per share, raising its annualized dividend yield to 4.8%.

Cardinal Capital Management Inc. decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 0.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,846,069 shares of the bank's stock after selling 10,092 shares during the quarter. Canadian Imperial Bank of Commerce accounts for approximately 4.1% of Cardinal Capital Management Inc.'s holdings, making the stock its 6th largest position. Cardinal Capital Management Inc. owned 0.20% of Canadian Imperial Bank of Commerce worth $130,994,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in CM. Ameriprise Financial Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 2.3% in the 4th quarter. Ameriprise Financial Inc. now owns 29,735 shares of the bank's stock worth $1,880,000 after purchasing an additional 663 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 2.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,179,347 shares of the bank's stock worth $74,570,000 after buying an additional 32,036 shares in the last quarter. Vise Technologies Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 30.0% in the 4th quarter. Vise Technologies Inc. now owns 19,805 shares of the bank's stock worth $1,252,000 after buying an additional 4,566 shares in the last quarter. Forum Financial Management LP raised its stake in shares of Canadian Imperial Bank of Commerce by 22.7% in the 4th quarter. Forum Financial Management LP now owns 6,499 shares of the bank's stock worth $411,000 after buying an additional 1,203 shares in the last quarter. Finally, Mackenzie Financial Corp raised its stake in shares of Canadian Imperial Bank of Commerce by 41.1% in the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock worth $431,952,000 after buying an additional 1,990,520 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded up $0.40 during trading hours on Tuesday, hitting $81.64. 504,372 shares of the company's stock were exchanged, compared to its average volume of 1,175,880. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $82.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $75.89 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 1.76 and a beta of 1.03. The company's 50-day moving average price is $75.21 and its 200-day moving average price is $67.73.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. The firm had revenue of $5.24 billion during the quarter, compared to analysts' expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The company's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.93 EPS. On average, sell-side analysts expect 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 Tuesday, October 28th. Stockholders of record on Monday, September 29th will be paid a $0.97 dividend. The ex-dividend date is Monday, September 29th. This represents a $3.88 annualized dividend and a dividend yield of 4.8%. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 47.64%.

Analyst Upgrades and Downgrades

CM has been the topic of a number of recent research reports. 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 report on Friday, May 30th. Royal Bank Of Canada boosted their target price on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. 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. Finally, Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $107.50.

Canadian Imperial Bank of Commerce Company Profile

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.