Chesley Taft & Associates LLC Boosts Stock Holdings in Canadian Imperial Bank of Commerce $CM

Key Points

• Chesley Taft & Associates LLC increased its holdings in Canadian Imperial Bank of Commerce by 106.0%, owning 17,609 shares valued at $1,247,000 as of the latest SEC filing.
• During the 1st quarter, large investors such as Vanguard Group and JPMorgan Chase also boosted their positions significantly, contributing to nearly half of the bank's stock being owned by institutional investors.
• Canadian Imperial Bank of Commerce declared an increased quarterly dividend of $0.97 per share, up from $0.70, reflecting a strong current dividend yield of 4.8%.

Chesley Taft & Associates LLC grew its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 106.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,609 shares of the bank's stock after purchasing an additional 9,062 shares during the quarter. Chesley Taft & Associates LLC's holdings in Canadian Imperial Bank of Commerce were worth $1,247,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CM. Ameriprise Financial Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 2.3% during the 4th quarter. Ameriprise Financial Inc. now owns 29,735 shares of the bank's stock worth $1,880,000 after acquiring an additional 663 shares during the period. Focus Partners Wealth boosted its position in shares of Canadian Imperial Bank of Commerce by 18.5% during the fourth quarter. Focus Partners Wealth now owns 7,401 shares of the bank's stock valued at $468,000 after purchasing an additional 1,155 shares in the last quarter. Quantinno Capital Management LP boosted its position in shares of Canadian Imperial Bank of Commerce by 5.7% during the fourth quarter. Quantinno Capital Management LP now owns 38,357 shares of the bank's stock valued at $2,425,000 after purchasing an additional 2,065 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Canadian Imperial Bank of Commerce by 2.8% in the fourth 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 acquiring an additional 32,036 shares in the last quarter. Finally, Vise Technologies Inc. increased its position in Canadian Imperial Bank of Commerce by 30.0% during the fourth quarter. Vise Technologies Inc. now owns 19,805 shares of the bank's stock valued at $1,252,000 after acquiring an additional 4,566 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded up $1.13 during trading on Friday, reaching $81.57. 1,144,451 shares of the company traded hands, compared to its average volume of 1,217,377. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $81.66. The firm's fifty day simple moving average is $75.02 and its 200 day simple moving average is $67.48. The stock has a market cap of $75.83 billion, a P/E ratio of 13.78, a PEG ratio of 1.76 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The firm had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.12 billion. During the same quarter in the previous year, the business earned $1.93 EPS. Canadian Imperial Bank of Commerce's revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, research analysts anticipate 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 firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Investors 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 a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 47.64%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CM. National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. BMO Capital Markets raised their price objective 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. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Royal Bank Of Canada raised their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce 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.