Dimensional Fund Advisors LP Grows Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Dimensional Fund Advisors LP increased its stake in the Canadian Imperial Bank of Commerce by 0.5%, now holding nearly 3 million shares valued at approximately $166.5 million.
• Multiple large investors have also adjusted their positions, with Barclays PLC increasing its ownership by over 106% during the fourth quarter.
• Recent analyst reviews show a consensus rating of "Moderate Buy" for the bank's stock, with a price target increase from analysts including BMO Capital Markets and Royal Bank of Canada.

Dimensional Fund Advisors LP lifted its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 0.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,957,557 shares of the bank's stock after buying an additional 13,444 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.31% of Canadian Imperial Bank of Commerce worth $166,503,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Caitong International Asset Management Co. Ltd raised its stake in shares of Canadian Imperial Bank of Commerce by 576.9% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,638 shares of the bank's stock worth $92,000 after buying an additional 1,396 shares during the period. Gulf International Bank UK Ltd raised its stake in shares of Canadian Imperial Bank of Commerce by 2,646.7% during the 1st quarter. Gulf International Bank UK Ltd now owns 54,001 shares of the bank's stock worth $3,040,000 after buying an additional 52,035 shares during the period. Sustainable Insight Capital Management LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 507.2% during the 1st quarter. Sustainable Insight Capital Management LLC now owns 41,897 shares of the bank's stock worth $2,357,000 after buying an additional 34,997 shares during the period. AGF Management Ltd. raised its stake in shares of Canadian Imperial Bank of Commerce by 980.9% during the 1st quarter. AGF Management Ltd. now owns 765,331 shares of the bank's stock worth $43,375,000 after buying an additional 694,526 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in shares of Canadian Imperial Bank of Commerce by 27.2% during the 1st quarter. Public Sector Pension Investment Board now owns 4,681,008 shares of the bank's stock worth $263,281,000 after buying an additional 1,000,400 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Trading Up 0.1%

NYSE:CM traded up $0.0950 during trading hours on Friday, hitting $73.1650. The company had a trading volume of 1,508,258 shares, compared to its average volume of 1,174,303. 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 has a 50-day moving average of $72.07 and a 200 day moving average of $65.10. The company has a market cap of $68.01 billion, a P/E ratio of 12.86, a P/E/G ratio of 1.60 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $74.63.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.10. The company had revenue of $5.09 billion during the quarter, compared to analysts' expectations of $4.78 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%.The firm's quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.75 EPS. Sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share 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 issued a $0.7024 dividend. This represents a $2.81 annualized dividend and a yield of 3.8%. The ex-dividend date was Friday, June 27th. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 49.56%.

Analyst Ratings Changes

Several brokerages have recently weighed in on CM. BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Royal Bank Of Canada increased their price objective on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Scotiabank initiated coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a "sector outperform" rating for the company. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $109.00.

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.