Cardinal Capital Management Inc. Sells 10,092 Shares of 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 stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 0.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,846,069 shares of the bank's stock after selling 10,092 shares during the quarter. Canadian Imperial Bank of Commerce comprises about 4.1% of Cardinal Capital Management Inc.'s portfolio, making the stock its 6th biggest holding. Cardinal Capital Management Inc. owned about 0.20% of Canadian Imperial Bank of Commerce worth $130,994,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. TruNorth Capital Management LLC increased its position in shares of Canadian Imperial Bank of Commerce by 156.0% during the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock worth $29,000 after purchasing an additional 312 shares during the last quarter. HM Payson & Co. bought a new stake in Canadian Imperial Bank of Commerce in the 1st quarter valued at $29,000. Truvestments Capital LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at $32,000. Private Trust Co. NA lifted its position in shares of Canadian Imperial Bank of Commerce by 40.0% during the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after acquiring an additional 223 shares during the period. Finally, Farther Finance Advisors LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 51.1% during the 1st quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock valued at $51,000 after acquiring an additional 305 shares during the period. Institutional investors and hedge funds own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CM shares. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. 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. Finally, Royal Bank Of Canada raised their target price on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a report on Friday, August 29th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $81.57 on Friday. The company has a market capitalization of $75.83 billion, a PE ratio of 13.78, a P/E/G ratio of 1.74 and a beta of 1.03. The company has a 50 day moving average price of $75.02 and a 200-day moving average price of $67.42. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $81.66.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. The company had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. Canadian Imperial Bank of Commerce's revenue was up 3.3% compared to the same quarter last year. During the same period last year, the company posted $1.93 earnings per share. As a group, equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current 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 issued a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 4.8%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 47.64%.

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.

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