Genus Capital Management Inc. Grows Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Genus Capital Management more than doubled its stake in Canadian Imperial Bank of Commerce in the fourth quarter, increasing holdings by 104.6% to 99,055 shares valued at about $9.0 million.
• Institutional interest in CIBC remains broad, with several other hedge funds and investors also adding or initiating positions; nearly 49.9% of the stock is held by institutional investors and hedge funds.
• Analyst sentiment is mixed but generally positive, with a Moderate Buy consensus and a $107.50 price target, while CIBC also reported stronger-than-expected quarterly earnings and a quarterly dividend yielding 3.7%.

Genus Capital Management Inc. boosted its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 104.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 99,055 shares of the bank's stock after buying an additional 50,630 shares during the quarter. Genus Capital Management Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $8,992,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Coldstream Capital Management Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $240,000. MQS Management LLC increased its position in shares of Canadian Imperial Bank of Commerce by 64.1% during the 4th quarter. MQS Management LLC now owns 8,767 shares of the bank's stock valued at $794,000 after purchasing an additional 3,425 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Canadian Imperial Bank of Commerce by 28.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,527 shares of the bank's stock valued at $229,000 after purchasing an additional 565 shares during the last quarter. Cumberland Partners Ltd increased its position in shares of Canadian Imperial Bank of Commerce by 14.3% during the 4th quarter. Cumberland Partners Ltd now owns 15,140 shares of the bank's stock valued at $1,374,000 after purchasing an additional 1,890 shares during the last quarter. Finally, Bristol Gate Capital Partners Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $629,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $115.56 on Monday. The company 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 company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. The stock has a 50-day moving average price of $104.32 and a 200-day moving average price of $96.51. Canadian Imperial Bank of Commerce has a 12-month low of $66.74 and a 12-month high of $116.12.

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

Canadian Imperial Bank of Commerce Announces Dividend

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

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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