Guardian Partners Inc. Sells 14,544 Shares of 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. cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 4.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 323,443 shares of the bank's stock after selling 14,544 shares during the period. Canadian Imperial Bank of Commerce accounts for about 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 Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. American Century Companies Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 5.3% during the first quarter. American Century Companies Inc. now owns 315,078 shares of the bank's stock worth $17,724,000 after buying an additional 15,867 shares during the last quarter. Hudson Value Partners LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter worth approximately $708,000. MQS Management LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter worth approximately $536,000. Cerity Partners LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 110.7% during the first quarter. Cerity Partners LLC now owns 32,559 shares of the bank's stock worth $1,833,000 after buying an additional 17,103 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Canadian Imperial Bank of Commerce by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 878,426 shares of the bank's stock worth $49,455,000 after buying an additional 9,623 shares during the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Down 0.5%

Shares of Canadian Imperial Bank of Commerce stock traded down $0.39 on Friday, hitting $79.16. The company had a trading volume of 617,567 shares, compared to its average volume of 1,241,380. The firm has a market capitalization of $73.58 billion, a P/E ratio of 13.37, a P/E/G ratio of 1.72 and a beta of 1.03. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $79.67. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a 50-day moving average of $74.24 and a 200-day moving average of $66.70.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. The company had revenue of $5.24 billion during the quarter, compared to analysts' expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The business's quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.93 earnings per share. Research 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 firm also recently disclosed 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. 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 dividend yield of 4.9%. The ex-dividend date of this dividend is Monday, September 29th. Canadian Imperial Bank of Commerce's payout ratio is presently 47.30%.

Wall Street Analysts Forecast Growth

CM has been the subject of a number of analyst reports. 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 report on Friday, August 29th. BMO Capital Markets boosted their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a 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 report on Saturday, August 9th. Finally, National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. 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, the company presently has an average rating of "Moderate Buy" and an average target price 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.