Cibc World Market Inc. Boosts Stock Holdings in Canadian Imperial Bank of Commerce $CM

Key Points

• Cibc World Market Inc. increased its stake in Canadian Imperial Bank of Commerce by 1.3% in the fourth quarter, bringing its total holding to 12.0 million shares valued at about $1.09 billion.
• The stock saw continued interest from other institutional investors, with firms like Vanguard, TD Asset Management, and Norges Bank also adding or initiating positions; nearly 49.9% of CIBC shares are held by hedge funds and institutions.
• CIBC reported better-than-expected quarterly earnings of $1.86 per share and revenue of $5.89 billion, while the board also declared a quarterly dividend of $1.07 per share, implying a 4.0% annual yield.

Cibc World Market Inc. increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 1.3% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 12,010,183 shares of the bank's stock after buying an additional 158,634 shares during the quarter. Canadian Imperial Bank of Commerce accounts for approximately 1.8% of Cibc World Market Inc.'s portfolio, making the stock its 12th largest holding. Cibc World Market Inc. owned 1.30% of Canadian Imperial Bank of Commerce worth $1,088,243,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank's stock worth $3,907,078,000 after buying an additional 876,974 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of Canadian Imperial Bank of Commerce by 1.1% in the 3rd quarter. TD Asset Management Inc now owns 22,752,807 shares of the bank's stock worth $1,818,556,000 after buying an additional 249,722 shares during the last quarter. Canerector Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 11,021.0% in the 3rd quarter. Canerector Inc. now owns 22,242,000 shares of the bank's stock worth $1,776,913,000 after buying an additional 22,042,000 shares during the last quarter. Norges Bank purchased a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth about $958,383,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 10.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,349,841 shares of the bank's stock worth $826,866,000 after buying an additional 980,811 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CM has been the topic of a number of research analyst reports. Raymond James Financial reissued a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a report on Friday, May 22nd. Jefferies Financial Group reissued a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Royal Bank Of Canada boosted their price target on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an "outperform" rating in a report on Monday. Finally, Barclays reissued an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Monday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Trading Down 1.0%

Shares of Canadian Imperial Bank of Commerce stock opened at $107.47 on Thursday. Canadian Imperial Bank of Commerce has a 52-week low of $67.38 and a 52-week high of $117.05. The stock's 50-day simple moving average is $106.65 and its 200 day simple moving average is $97.97. The stock has a market capitalization of $98.31 billion, a P/E ratio of 14.76, a P/E/G ratio of 1.16 and a beta of 1.02. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The business had revenue of $5.89 billion for the quarter, compared to analysts' expectations of $5.86 billion. During the same period in the previous year, the business posted $2.05 EPS. The firm's quarterly revenue was up 14.0% compared to the same quarter last year. As a group, research analysts anticipate that Canadian Imperial Bank of Commerce will post 7.43 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce's payout ratio is currently 43.13%.

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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