First Trust Advisors LP Has $45.04 Million Stock Position in Canadian Imperial Bank of Commerce $CM

Key Points

• First Trust Advisors LP reduced its CIBC stake by 15.5% in the first quarter, selling 87,188 shares and retaining 475,371 shares valued at approximately $45.04 million. Institutional investors collectively own 49.88% of the bank.
• Analysts maintain a generally positive view of CIBC, with a consensus rating of “Moderate Buy” and a $167 price target. Royal Bank of Canada recently raised its target from $147 to $167.
• CIBC exceeded quarterly earnings expectations, reporting $1.86 in EPS versus the $1.78 consensus estimate, while revenue rose 14% year over year to $5.89 billion. The bank also announced a quarterly dividend of $1.07 per share, representing a 3.6% annualized yield.

First Trust Advisors LP trimmed its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 15.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 475,371 shares of the bank's stock after selling 87,188 shares during the quarter. First Trust Advisors LP owned 0.05% of Canadian Imperial Bank of Commerce worth $45,041,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CM. Sivia Capital Partners LLC bought a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at $262,000. EverSource Wealth Advisors LLC lifted its holdings in Canadian Imperial Bank of Commerce by 12.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank's stock valued at $128,000 after purchasing an additional 193 shares during the last quarter. Brown Advisory Inc. lifted its stake 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 valued at $445,000 after buying an additional 160 shares in the last quarter. Qube Research & Technologies Ltd lifted its position in shares of Canadian Imperial Bank of Commerce by 74.6% during the second quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank's stock worth $23,833,000 after acquiring an additional 143,588 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in Canadian Imperial Bank of Commerce by 7,315.0% during the 2nd quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank's stock worth $210,000 after purchasing an additional 2,926 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on CM. Barclays reissued an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Weiss Ratings lowered shares of Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, July 15th. Royal Bank Of Canada raised their target price on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an "outperform" rating in a report on Monday, June 1st. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $117.41 on Monday. The company has a market capitalization of $107.17 billion, a P/E ratio of 16.13, a price-to-earnings-growth ratio of 1.27 and a beta of 1.02. The firm has a 50 day moving average of $114.03 and a 200 day moving average of $104.55. Canadian Imperial Bank of Commerce has a twelve month low of $71.00 and a twelve month high of $122.50. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results 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. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The firm had revenue of $5.89 billion during the quarter, compared to analysts' expectations of $5.86 billion. During the same quarter in the previous year, the business earned $2.05 earnings per share. The company's revenue was up 14.0% on a year-over-year basis. As a group, equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be given a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce's payout ratio is 42.58%.

About Canadian Imperial Bank of Commerce

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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