Guardian Partners Inc. Trims Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• Guardian Partners Inc. has reduced its stake in Canadian Imperial Bank of Commerce (CM) by 4.3%, selling 14,544 shares during the first quarter and now holds 323,443 shares worth approximately $18.78 million.
• Goldman Sachs significantly increased its position in CM by 405.5% in the same quarter, acquiring over 4 million additional shares, while other institutions also modified their holdings.
• Canadian Imperial Bank of Commerce recently announced a dividend increase to $0.97 per share, up from $0.70, with a yield of 5.0%, reflecting a commitment to returning value to shareholders.

Guardian Partners Inc. lowered its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 4.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 323,443 shares of the bank's stock after selling 14,544 shares during the quarter. Canadian Imperial Bank of Commerce accounts for 1.9% of Guardian Partners Inc.'s investment portfolio, making the stock its 11th biggest position. Guardian Partners Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $18,780,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. TruNorth Capital Management LLC raised its position in Canadian Imperial Bank of Commerce by 156.0% in the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock worth $29,000 after purchasing an additional 312 shares during the period. HM Payson & Co. purchased a new position in Canadian Imperial Bank of Commerce in the 1st quarter worth $29,000. Truvestments Capital LLC purchased a new position in Canadian Imperial Bank of Commerce in the 1st quarter worth $32,000. Private Trust Co. NA raised its position in Canadian Imperial Bank of Commerce by 40.0% in the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank's stock worth $44,000 after purchasing an additional 223 shares during the period. Finally, Farther Finance Advisors LLC raised its position in Canadian Imperial Bank of Commerce by 51.1% in the 1st quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock worth $51,000 after purchasing an additional 305 shares during the period. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Down 0.5%

Shares of CM stock traded down $0.39 during mid-day trading on Friday, reaching $79.16. The stock had a trading volume of 617,567 shares, compared to its average volume of 1,241,380. The stock's 50-day moving average price is $74.24 and its two-hundred day moving average price is $66.75. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $79.67. The firm has a market capitalization of $73.58 billion, a PE ratio of 13.37, a price-to-earnings-growth ratio of 1.72 and a beta of 1.03. The company has a current ratio of 1.04, a quick 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 announced its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The company had revenue of $5.24 billion for the quarter, compared to analysts' expectations of $5.12 billion. During the same quarter in the previous year, the company earned $1.93 earnings per share. Canadian Imperial Bank of Commerce's quarterly revenue was up 3.3% on a year-over-year basis. Equities analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be given a dividend of $0.97 per share. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. This represents a $3.88 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 47.30%.

Analysts Set New Price Targets

A number of brokerages recently commented on CM. National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. BMO Capital Markets lifted their target price on shares of 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. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Royal Bank Of Canada boosted their price objective on shares of 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. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average 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.