Federation des caisses Desjardins du Quebec Has $225.87 Million Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• The Federation des caisses Desjardins du Quebec increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM) by 3.6%, now owning over 4 million shares valued at approximately $225.87 million.
• Canadian Imperial Bank of Commerce recently announced a quarterly dividend of $0.97 per share, resulting in an annual yield of 5.0%, up from the previous $0.70.
• Analysts have varying views on the stock, with one downgrade to "sector perform" while others have issued target price increases, resulting in a consensus rating of “Moderate Buy” with an average target price of $107.50.

Federation des caisses Desjardins du Quebec boosted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 3.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,021,652 shares of the bank's stock after acquiring an additional 139,645 shares during the period. Canadian Imperial Bank of Commerce comprises about 1.1% of Federation des caisses Desjardins du Quebec's investment portfolio, making the stock its 22nd biggest holding. Federation des caisses Desjardins du Quebec owned about 0.43% of Canadian Imperial Bank of Commerce worth $225,870,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. American Century Companies Inc. raised its holdings in Canadian Imperial Bank of Commerce by 5.3% during the first quarter. American Century Companies Inc. now owns 315,078 shares of the bank's stock worth $17,724,000 after purchasing an additional 15,867 shares in the last quarter. Hudson Value Partners LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter valued at $708,000. MQS Management LLC acquired a new position in Canadian Imperial Bank of Commerce during the 1st quarter worth $536,000. Cerity Partners LLC lifted its position in Canadian Imperial Bank of Commerce by 110.7% during the 1st quarter. Cerity Partners LLC now owns 32,559 shares of the bank's stock worth $1,833,000 after acquiring an additional 17,103 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Canadian Imperial Bank of Commerce by 1.1% during the 1st quarter. Bank of New York Mellon Corp now owns 878,426 shares of the bank's stock worth $49,455,000 after acquiring an additional 9,623 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

CM stock traded down $0.84 during trading hours on Friday, reaching $78.30. The stock had a trading volume of 1,228,883 shares, compared to its average volume of 1,258,628. The stock has a 50-day simple moving average of $73.52 and a 200 day simple moving average of $66.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $72.78 billion, a PE ratio of 13.23, a price-to-earnings-growth ratio of 1.71 and a beta of 1.03. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $79.67.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. The company had revenue of $5.24 billion during the quarter, compared to analysts' expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. Canadian Imperial Bank of Commerce's quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.93 EPS. Analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be paid a dividend of $0.97 per share. The ex-dividend date is Monday, September 29th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 5.0%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's dividend payout ratio is 47.64%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CM. Royal Bank Of Canada upped their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a research report on Friday, August 29th. National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. BMO Capital Markets upped their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" and an average price target of $107.50.

Canadian Imperial Bank of Commerce Profile

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.