Generali Asset Management SPA SGR Has $2.44 Million Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• Generali Asset Management SPA SGR has increased its stake in Canadian Imperial Bank of Commerce (CIBC) by 61.8% during the second quarter, now holding $2.44 million worth of shares.
• CIBC recently announced a quarterly dividend of $0.97, reflecting a substantial increase from the previous dividend of $0.70, with a yield of 4.8%.
• Despite a 1.9% decline in stock value, CIBC reported strong financials for the last quarter, exceeding EPS estimates at $1.57 compared to a consensus of $1.43.

Generali Asset Management SPA SGR boosted its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 61.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,375 shares of the bank's stock after purchasing an additional 13,136 shares during the period. Generali Asset Management SPA SGR's holdings in Canadian Imperial Bank of Commerce were worth $2,435,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CM. Goldman Sachs Group Inc. increased its holdings in Canadian Imperial Bank of Commerce by 405.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank's stock valued at $292,032,000 after purchasing an additional 4,160,938 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Canadian Imperial Bank of Commerce by 31.6% during the 1st quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock valued at $595,762,000 after purchasing an additional 2,538,808 shares in the last quarter. Nuveen LLC bought a new position in Canadian Imperial Bank of Commerce in the 1st quarter valued at $124,797,000. Canada Pension Plan Investment Board boosted its position in Canadian Imperial Bank of Commerce by 23.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 6,055,999 shares of the bank's stock valued at $340,721,000 after buying an additional 1,133,715 shares during the last quarter. Finally, Public Sector Pension Investment Board boosted its position in Canadian Imperial Bank of Commerce by 27.2% in the 1st quarter. Public Sector Pension Investment Board now owns 4,681,008 shares of the bank's stock valued at $263,281,000 after buying an additional 1,000,400 shares during the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Down 1.9%

NYSE:CM opened at $80.24 on Friday. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $82.23. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $74.59 billion, a P/E ratio of 13.55, a P/E/G ratio of 1.74 and a beta of 1.03. The stock's fifty day simple moving average is $78.01 and its 200-day simple moving average is $70.56.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The business had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same period last year, the company earned $1.93 EPS. The firm's revenue was up 3.3% on a year-over-year basis. Equities research 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 declared a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be given a $0.97 dividend. The ex-dividend date is Monday, September 29th. This represents a $3.88 annualized dividend and a dividend yield of 4.8%. This is an increase 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 commented on CM. Wall Street Zen lowered Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Saturday, October 4th. Weiss Ratings reiterated a "buy (b)" rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada increased their price objective on 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. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently 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.

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