Franklin Resources Inc. Grows Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• Franklin Resources increased its stake in Canadian Imperial Bank of Commerce by 7% in the fourth quarter, bringing its holdings to 1.24 million shares valued at about $112 million.
• CIBC recently reported better-than-expected quarterly earnings, with EPS of $1.86 versus the $1.78 consensus and revenue of $5.89 billion, up 14% from a year earlier.
• Analyst sentiment is mixed: the stock has a Hold consensus rating with a $167 average price target, while CIBC also announced a quarterly dividend of $1.07 per share, implying a 3.9% annual yield.

Franklin Resources Inc. boosted its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 7.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,235,693 shares of the bank's stock after purchasing an additional 80,640 shares during the period. Franklin Resources Inc. owned approximately 0.13% of Canadian Imperial Bank of Commerce worth $112,024,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. CIBC Bancorp USA Inc. bought a new stake in Canadian Imperial Bank of Commerce in the third quarter worth about $11,217,000. Mackenzie Financial Corp lifted its stake in Canadian Imperial Bank of Commerce by 1.1% in the third quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank's stock worth $509,763,000 after purchasing an additional 67,738 shares during the last quarter. Legal & General Group Plc raised 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 acquiring an additional 125,069 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 34.8% during the third quarter. Fisher Asset Management LLC now owns 1,686,816 shares of the bank's stock valued at $134,760,000 after acquiring an additional 435,799 shares in the last quarter. Finally, Intech Investment Management LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 6.5% during the fourth quarter. Intech Investment Management LLC now owns 343,828 shares of the bank's stock valued at $31,211,000 after acquiring an additional 21,078 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

Wall Street Analyst Weigh In

CM has been the subject of several research analyst reports. Royal Bank Of Canada lifted their price target on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an "outperform" rating in a research note on Monday, June 1st. Scotiabank downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Monday, June 1st. Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Raymond James Financial reaffirmed a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Finally, Weiss Ratings downgraded shares of Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Thursday, June 4th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of "Hold" and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE:CM opened at $110.18 on Thursday. The company has a market capitalization of $100.58 billion, a price-to-earnings ratio of 15.13, a price-to-earnings-growth ratio of 1.19 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 52 week low of $67.46 and a 52 week high of $117.05. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average of $108.17 and a 200 day moving average of $98.83.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, topping analysts' consensus estimates of $1.78 by $0.08. The company had revenue of $5.89 billion during the quarter, compared to the consensus estimate of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. Canadian Imperial Bank of Commerce's revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.05 earnings per share. On average, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 7.43 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be paid a $1.07 dividend. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a yield of 3.9%. Canadian Imperial Bank of Commerce's payout ratio is 43.13%.

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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