Cidel Asset Management Inc. Acquires 185,671 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• Cidel Asset Management increased its stake in Canadian Imperial Bank of Commerce by 61.1% in the first quarter, buying 185,671 additional shares and bringing its total to 489,753 shares worth about $46.3 million.
• CIBC reported solid quarterly results, posting EPS of $1.86 versus estimates of $1.78 and revenue of $5.89 billion versus expectations of $5.86 billion, with revenue rising 14% year over year.
• The bank also announced a quarterly dividend of $1.07 per share, equal to an annualized yield of 3.7%, while analysts currently rate the stock a Moderate Buy with an average price target of $167.

Cidel Asset Management Inc. boosted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 61.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 489,753 shares of the bank's stock after acquiring an additional 185,671 shares during the period. Canadian Imperial Bank of Commerce accounts for 2.5% of Cidel Asset Management Inc.'s holdings, making the stock its 10th biggest position. Cidel Asset Management Inc. owned about 0.05% of Canadian Imperial Bank of Commerce worth $46,268,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Sivia Capital Partners LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at about $262,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 12.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank's stock worth $128,000 after buying an additional 193 shares during the period. Brown Advisory Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 2.6% during the 2nd quarter. Brown Advisory Inc. now owns 6,277 shares of the bank's stock worth $445,000 after buying an additional 160 shares during the period. Qube Research & Technologies Ltd grew its stake in Canadian Imperial Bank of Commerce by 74.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank's stock valued at $23,833,000 after buying an additional 143,588 shares during the last quarter. Finally, NewEdge Advisors LLC grew its stake in Canadian Imperial Bank of Commerce by 7,315.0% in the 2nd quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank's stock valued at $210,000 after buying an additional 2,926 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Up 0.6%

CM stock opened at $114.73 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The company's 50-day simple moving average is $110.82 and its 200 day simple moving average is $100.58. Canadian Imperial Bank of Commerce has a 52 week low of $69.43 and a 52 week high of $117.05. The company has a market capitalization of $104.73 billion, a PE ratio of 15.76, a price-to-earnings-growth ratio of 1.22 and a beta of 1.02.

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

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be issued a dividend of $1.07 per share. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 annualized dividend and a dividend yield of 3.7%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 42.58%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CM. Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. Jefferies Financial Group restated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Thursday, June 4th. Barclays reiterated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, June 1st. Finally, Scotiabank reissued an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $167.00.

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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