Hsbc Holdings PLC Cuts Stock Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Hsbc Holdings PLC has decreased its stake in the Canadian Imperial Bank of Commerce (CIBC) by 6.6%, now owning approximately $51.8 million worth of shares.
• CIBC reported $5.09 billion in revenue for the latest quarter, surpassing analyst estimates of $4.78 billion, alongside a quarterly earnings per share (EPS) of $1.44.
• The bank has announced a quarterly dividend increase to $0.7024 per share, bringing its annualized payout to $2.81 and a yield of 3.8%.

Hsbc Holdings PLC lessened its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 6.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 920,859 shares of the bank's stock after selling 65,191 shares during the period. Hsbc Holdings PLC owned 0.10% of Canadian Imperial Bank of Commerce worth $51,792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hudson Value Partners LLC purchased a new position in Canadian Imperial Bank of Commerce in the first quarter valued at about $708,000. MQS Management LLC acquired a new stake in Canadian Imperial Bank of Commerce in the first quarter worth about $536,000. Cerity Partners LLC boosted its holdings in Canadian Imperial Bank of Commerce by 110.7% in the first quarter. Cerity Partners LLC now owns 32,559 shares of the bank's stock worth $1,833,000 after acquiring an additional 17,103 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Canadian Imperial Bank of Commerce by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 878,426 shares of the bank's stock worth $49,455,000 after acquiring an additional 9,623 shares in the last quarter. Finally, Private Trust Co. NA boosted its holdings in Canadian Imperial Bank of Commerce by 40.0% in the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock worth $44,000 after acquiring an additional 223 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Down 0.1%

Canadian Imperial Bank of Commerce stock opened at $73.0350 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. Canadian Imperial Bank of Commerce has a 52 week low of $53.22 and a 52 week high of $74.63. The company has a market capitalization of $67.89 billion, a price-to-earnings ratio of 12.84, a price-to-earnings-growth ratio of 1.60 and a beta of 1.06. The stock has a 50-day moving average price of $71.97 and a 200 day moving average price of $65.00.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%.The firm had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same quarter in the previous year, the company posted $1.75 earnings per share. The company's revenue was up 13.9% compared to the same quarter last year. Sell-side 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 declared a quarterly dividend, which was paid on Monday, July 28th. Investors of record on Friday, June 27th were given a dividend of $0.7024 per share. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 annualized dividend and a yield of 3.8%. The ex-dividend date was Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 49.56%.

Analyst Ratings Changes

CM has been the subject of several recent analyst reports. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Royal Bank Of Canada raised their price target on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. BMO Capital Markets raised their price target on 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. Finally, Scotiabank started coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and an average target price of $109.00.

Canadian Imperial Bank of Commerce 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.

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