Hsbc Holdings PLC Lowers Holdings 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 trimmed its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 6.6% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 920,859 shares of the bank's stock after selling 65,191 shares during the quarter. Hsbc Holdings PLC owned about 0.10% of Canadian Imperial Bank of Commerce worth $51,792,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Aviso Financial Inc. increased its position in Canadian Imperial Bank of Commerce by 7.0% during the first quarter. Aviso Financial Inc. now owns 684,523 shares of the bank's stock worth $38,521,000 after buying an additional 45,011 shares during the period. Northern Trust Corp boosted its position in shares of Canadian Imperial Bank of Commerce by 16.2% during the first quarter. Northern Trust Corp now owns 728,401 shares of the bank's stock worth $41,009,000 after buying an additional 101,549 shares during the period. Versor Investments LP raised its stake in Canadian Imperial Bank of Commerce by 19.6% during the 1st quarter. Versor Investments LP now owns 23,753 shares of the bank's stock valued at $1,336,000 after purchasing an additional 3,897 shares during the period. Algert Global LLC boosted its holdings in Canadian Imperial Bank of Commerce by 22.2% during the first quarter. Algert Global LLC now owns 28,806 shares of the bank's stock valued at $1,622,000 after acquiring an additional 5,229 shares during the period. Finally, Northwest & Ethical Investments L.P. increased its holdings in shares of Canadian Imperial Bank of Commerce by 22.5% in the first quarter. Northwest & Ethical Investments L.P. now owns 204,355 shares of the bank's stock valued at $11,502,000 after purchasing an additional 37,529 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CM shares. 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. Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Royal Bank Of Canada upped their target price on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Finally, 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 research report on Friday, May 30th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce Trading Up 1.7%

CM stock traded up $1.26 during mid-day trading on Wednesday, reaching $75.07. 740,121 shares of the stock traded hands, compared to its average volume of 1,176,477. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $75.12. The business has a 50-day moving average price of $72.25 and a two-hundred day moving average price of $65.26. The stock has a market capitalization of $69.78 billion, a PE ratio of 13.19, a PEG ratio of 1.59 and a beta of 1.06. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same period last year, the firm posted $1.75 EPS. Canadian Imperial Bank of Commerce's revenue for the quarter was up 13.9% compared to the same quarter last year. Equities research analysts expect 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. Shareholders of record on Friday, June 27th were issued a $0.7024 dividend. The ex-dividend date was Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a yield of 3.7%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 49.56%.

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.