Goldman Sachs Group Inc. Increases Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• Goldman Sachs Group Inc. increased its stake in Canadian Imperial Bank of Commerce by 405.5% during Q1, owning over 5.1 million shares worth approximately $292 million.
• The company announced a dividend increase from $0.70 to $0.97 per share, marking a dividend yield of 5.0% and an annualized payout of $3.88.
• Analysts maintain a consensus rating of "Moderate Buy" for the stock, with an average target price of $107.50, reflecting positive sentiment on its performance.

Goldman Sachs Group Inc. grew its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 405.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,187,068 shares of the bank's stock after acquiring an additional 4,160,938 shares during the period. Goldman Sachs Group Inc. owned 0.55% of Canadian Imperial Bank of Commerce worth $292,032,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CM. American Century Companies Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 5.3% in the 1st quarter. American Century Companies Inc. now owns 315,078 shares of the bank's stock worth $17,724,000 after purchasing an additional 15,867 shares during the period. Hudson Value Partners LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter worth approximately $708,000. MQS Management LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter worth approximately $536,000. Cerity Partners LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 110.7% in the 1st quarter. Cerity Partners LLC now owns 32,559 shares of the bank's stock worth $1,833,000 after purchasing an additional 17,103 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Canadian Imperial Bank of Commerce by 1.1% in the 1st quarter. Bank of New York Mellon Corp now owns 878,426 shares of the bank's stock worth $49,455,000 after purchasing an additional 9,623 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM traded up $0.22 during trading on Monday, hitting $79.38. The company had a trading volume of 183,414 shares, compared to its average volume of 1,180,837. The stock has a fifty day simple moving average of $74.24 and a two-hundred day simple moving average of $66.79. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $79.67. The firm has a market capitalization of $73.78 billion, a price-to-earnings ratio of 13.41, a price-to-earnings-growth ratio of 1.71 and a beta of 1.03. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14.

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 for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. The firm had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. Canadian Imperial Bank of Commerce's quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.93 earnings per share. On average, 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 firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be paid a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Monday, September 29th. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's payout ratio is currently 47.64%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CM. BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Royal Bank Of Canada boosted their target price on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. Finally, National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $107.50.

About Canadian Imperial Bank of Commerce

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.