Cumberland Partners Ltd Decreases Holdings 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 decreased its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 70.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,607 shares of the bank's stock after selling 22,430 shares during the period. Cumberland Partners Ltd's holdings in Canadian Imperial Bank of Commerce were worth $541,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. US Bancorp DE increased its holdings in shares of Canadian Imperial Bank of Commerce by 16.0% in the first quarter. US Bancorp DE now owns 14,530 shares of the bank's stock worth $818,000 after buying an additional 2,008 shares during the period. XTX Topco Ltd increased its holdings in Canadian Imperial Bank of Commerce by 24.8% during the 1st quarter. XTX Topco Ltd now owns 8,730 shares of the bank's stock valued at $491,000 after purchasing an additional 1,735 shares during the period. Federated Hermes Inc. increased its holdings in Canadian Imperial Bank of Commerce by 3.1% during the 1st quarter. Federated Hermes Inc. now owns 988,399 shares of the bank's stock valued at $55,647,000 after purchasing an additional 29,387 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Canadian Imperial Bank of Commerce by 223.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,293,763 shares of the bank's stock valued at $72,767,000 after purchasing an additional 894,035 shares during the period. Finally, HB Wealth Management LLC increased its holdings in Canadian Imperial Bank of Commerce by 45.1% during the 1st quarter. HB Wealth Management LLC now owns 5,227 shares of the bank's stock valued at $294,000 after purchasing an additional 1,624 shares during the period. Hedge funds and other institutional investors own 49.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Wall Street Zen downgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Friday, July 18th. BMO Capital Markets lifted their price objective 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. Finally, Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of "Hold" and an average price target of $109.00.

Canadian Imperial Bank of Commerce Stock Up 0.4%

Shares of CM traded up $0.28 during mid-day trading on Thursday, reaching $72.45. The company had a trading volume of 134,095 shares, compared to its average volume of 1,169,302. Canadian Imperial Bank of Commerce has a 52 week low of $49.84 and a 52 week high of $74.63. The company has a market capitalization of $67.48 billion, a price-to-earnings ratio of 12.75, a price-to-earnings-growth ratio of 1.57 and a beta of 1.06. The firm has a 50-day moving average price of $70.88 and a 200 day moving average price of $64.25. The company has a debt-to-equity ratio of 0.16, 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 29th. The bank reported $1.44 earnings per share for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same period in the previous year, the business earned $1.75 EPS. The firm's revenue for the quarter was up 13.9% on a year-over-year basis. On average, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 28th. Shareholders of record on Friday, June 27th were paid a dividend of $0.7024 per share. The ex-dividend date was Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a yield of 3.9%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 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.