Goldman Sachs Group Inc. Has $292.03 Million 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 holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 405.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,187,068 shares of the bank's stock after purchasing an additional 4,160,938 shares during the quarter. Goldman Sachs Group Inc. owned about 0.55% of Canadian Imperial Bank of Commerce worth $292,032,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Canadian Imperial Bank of Commerce by 1.6% in the first quarter. Vanguard Group Inc. now owns 40,028,162 shares of the bank's stock worth $2,251,664,000 after purchasing an additional 642,924 shares in the last quarter. Toronto Dominion Bank boosted its stake in Canadian Imperial Bank of Commerce by 1.1% in the fourth quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock worth $1,398,619,000 after purchasing an additional 234,088 shares in the last quarter. Bank of Nova Scotia boosted its stake in Canadian Imperial Bank of Commerce by 4.5% in the first quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank's stock worth $1,010,849,000 after purchasing an additional 773,174 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Canadian Imperial Bank of Commerce by 31.6% in the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock worth $595,762,000 after purchasing an additional 2,538,808 shares in the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Canadian Imperial Bank of Commerce by 41.1% during the fourth quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock worth $431,952,000 after acquiring an additional 1,990,520 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CM. BMO Capital Markets boosted their target price on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. 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 report on Friday, August 29th. Finally, Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $107.50.

Canadian Imperial Bank of Commerce Trading Down 0.5%

NYSE CM traded down $0.39 on Friday, reaching $79.16. The company had a trading volume of 617,567 shares, compared to its average volume of 1,241,380. The stock's 50 day moving average is $74.24 and its 200-day moving average is $66.70. The stock has a market cap of $73.58 billion, a price-to-earnings ratio of 13.37, a PEG ratio of 1.72 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 has a 52 week low of $53.62 and a 52 week high of $79.67.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. The business had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The firm's revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.93 earnings per share. Equities analysts predict 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 disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be issued a $0.97 dividend. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. This represents a $3.88 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 47.30%.

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.