Cumberland Partners Ltd Cuts Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• Cumberland Partners Ltd has significantly reduced its stake in Canadian Imperial Bank of Commerce by 70.0%, owning 9,607 shares after selling 22,430 shares in the first quarter.
• The Canadian Imperial Bank of Commerce reported a quarterly earnings per share of $1.44, exceeding analysts' expectations and showing a 13.9% year-over-year revenue growth.
• Recent analysts' ratings for Canadian Imperial Bank of Commerce show a mixed outlook, with the average rating being "Hold" and a price target of $109.00.

Cumberland Partners Ltd reduced its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 70.0% during the first quarter, according to its most recent filing with the SEC. The fund owned 9,607 shares of the bank's stock after selling 22,430 shares during the quarter. Cumberland Partners Ltd's holdings in Canadian Imperial Bank of Commerce were worth $541,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CM. Operose Advisors LLC purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at about $26,000. HM Payson & Co. purchased a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at about $29,000. TruNorth Capital Management LLC lifted its holdings in Canadian Imperial Bank of Commerce by 156.0% during the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after purchasing an additional 312 shares during the last quarter. Private Trust Co. NA lifted its holdings in Canadian Imperial Bank of Commerce by 40.0% during the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after purchasing an additional 223 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in Canadian Imperial Bank of Commerce by 51.1% during the first quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock valued at $51,000 after purchasing an additional 305 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. BMO Capital Markets increased their price target on shares of 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. National Bank Financial downgraded shares of 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 increased their price target on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of "Hold" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Trading Up 0.5%

Shares of Canadian Imperial Bank of Commerce stock opened at $71.80 on Friday. Canadian Imperial Bank of Commerce has a 12-month low of $47.55 and a 12-month high of $74.63. The company has a market cap of $66.88 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 1.56 and a beta of 1.06. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. The company's 50-day moving average price is $70.63 and its 200-day moving average price is $64.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. Canadian Imperial Bank of Commerce's quarterly revenue was up 13.9% on a year-over-year basis. During the same period last year, the firm posted $1.75 earnings per share. On average, equities 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 announced a quarterly dividend, which was paid on Monday, July 28th. Investors of record on Friday, June 27th were paid a $0.7024 dividend. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend was Friday, June 27th. Canadian Imperial Bank of Commerce's payout ratio is 49.56%.

About Canadian Imperial Bank of Commerce

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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