Gulf International Bank UK Ltd Buys 52,035 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• Gulf International Bank UK Ltd significantly increased its stake in the Canadian Imperial Bank of Commerce by 2,646.7%, acquiring a total of 54,001 shares valued at approximately $3.04 million.
• Analysts have mixed ratings for the bank, with a consensus rating of "Moderate Buy" and a price target of $109.00. This includes upgrades and downgrades from various financial institutions.
• Canadian Imperial Bank of Commerce recently increased its quarterly dividend to $0.7024, reflecting a yield of 3.8% and a payout ratio of approximately 49.56%.

Gulf International Bank UK Ltd boosted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 2,646.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 54,001 shares of the bank's stock after buying an additional 52,035 shares during the quarter. Gulf International Bank UK Ltd's holdings in Canadian Imperial Bank of Commerce were worth $3,040,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Operose Advisors LLC bought a new position in Canadian Imperial Bank of Commerce during the fourth quarter valued at about $26,000. TruNorth Capital Management LLC lifted its holdings in Canadian Imperial Bank of Commerce by 156.0% during the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after purchasing an additional 312 shares during the last quarter. HM Payson & Co. purchased a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at about $29,000. Private Trust Co. NA lifted its holdings in Canadian Imperial Bank of Commerce by 40.0% during the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after purchasing an additional 223 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in Canadian Imperial Bank of Commerce by 51.1% during the first quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock valued at $51,000 after purchasing an additional 305 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock traded down $0.01 on Friday, reaching $73.82. The stock had a trading volume of 943,475 shares, compared to its average volume of 1,369,016. Canadian Imperial Bank of Commerce has a 1 year low of $51.55 and a 1 year high of $74.63. The company has a market cap of $68.61 billion, a P/E ratio of 12.97, a price-to-earnings-growth ratio of 1.60 and a beta of 1.06. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. The business's 50 day moving average is $71.58 and its two-hundred day moving average is $64.71.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.10. The company had revenue of $5.09 billion for the quarter, compared to analysts' expectations of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. Canadian Imperial Bank of Commerce's revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.75 earnings per share. As a group, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 28th. Investors of record on Friday, June 27th were given a $0.7024 dividend. This represents a $2.81 annualized dividend and a dividend yield of 3.8%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date was Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 49.56%.

Wall Street Analysts Forecast Growth

Several research firms have commented on CM. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Royal Bank Of Canada upped their price objective on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a report on Friday, May 30th. BMO Capital Markets increased their price target on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Finally, Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce Company Profile

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.