Fisher Asset Management LLC Boosts Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• Fisher Asset Management increased its stake in Canadian Imperial Bank of Commerce by 24.6% in the fourth quarter, buying 415,799 shares and bringing its total holding to 2.1 million shares worth about $190.5 million.
• The bank reported strong quarterly earnings, with EPS of $1.99 beating analyst expectations of $1.74 and revenue of $6.16 billion topping estimates.
• CIBC also paid a quarterly dividend of $1.07 per share, implying an annualized yield of 3.7%, while analysts currently rate the stock a Moderate Buy with a consensus price target of $107.50.

Fisher Asset Management LLC raised its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 24.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,102,615 shares of the bank's stock after purchasing an additional 415,799 shares during the quarter. Fisher Asset Management LLC owned 0.23% of Canadian Imperial Bank of Commerce worth $190,518,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Canadian Imperial Bank of Commerce by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank's stock worth $3,907,078,000 after purchasing an additional 876,974 shares during the period. TD Asset Management Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 1.1% during the third quarter. TD Asset Management Inc now owns 22,752,807 shares of the bank's stock valued at $1,818,556,000 after purchasing an additional 249,722 shares during the period. Canerector Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 11,021.0% during the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank's stock valued at $1,776,913,000 after purchasing an additional 22,042,000 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Canadian Imperial Bank of Commerce by 10.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,349,841 shares of the bank's stock valued at $826,866,000 after purchasing an additional 980,811 shares during the period. Finally, Legal & General Group Plc boosted its stake in shares of Canadian Imperial Bank of Commerce by 2.0% during the fourth quarter. Legal & General Group Plc now owns 6,475,253 shares of the bank's stock valued at $587,790,000 after purchasing an additional 125,069 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE:CM opened at $115.56 on Tuesday. The firm has a market cap of $106.12 billion, a PE ratio of 16.85, a price-to-earnings-growth ratio of 1.21 and a beta of 1.05. The firm's 50 day simple moving average is $104.69 and its 200-day simple moving average is $96.74. Canadian Imperial Bank of Commerce has a one year low of $66.74 and a one year high of $116.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, February 26th. The bank reported $1.99 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. The business had revenue of $6.16 billion for the quarter, compared to analyst estimates of $5.53 billion. During the same period last year, the company posted $2.20 earnings per share. The company's quarterly revenue was up 15.3% compared to the same quarter last year. As a group, equities analysts predict that Canadian Imperial Bank of Commerce will post 7.48 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 28th. Stockholders of record on Friday, March 27th were paid a dividend of $1.07 per share. The ex-dividend date was Friday, March 27th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.7%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 45.77%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CM shares. Raymond James Financial reissued a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, May 4th. Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Friday. Barclays raised shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research report on Thursday, February 19th. Finally, Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Company Profile

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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