Canadian Imperial Bank of Commerce $CM Shares Purchased by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC increased its stake in Canadian Imperial Bank of Commerce by 64.4% during the first quarter, acquiring an additional 108,110 shares for a total of 275,959 shares valued at approximately $15.5 million.
• Goldman Sachs Group Inc. drastically boosted its holdings in the bank by 405.5%, owning now over 5.1 million shares valued at nearly $292 million.
• Canadian Imperial Bank of Commerce recently announced a quarterly dividend increase to $0.97 per share, reflecting a solid 5.0% dividend yield after raising it from the previous quarter's $0.70.

Intech Investment Management LLC increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 64.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 275,959 shares of the bank's stock after acquiring an additional 108,110 shares during the quarter. Intech Investment Management LLC's holdings in Canadian Imperial Bank of Commerce were worth $15,521,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CM. TruNorth Capital Management LLC increased its stake in shares of 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 worth $29,000 after purchasing an additional 312 shares in the last quarter. HM Payson & Co. purchased a new stake in Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $29,000. Truvestments Capital LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the first quarter valued at approximately $32,000. Private Trust Co. NA lifted its position in shares of 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 valued at $44,000 after acquiring an additional 223 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 51.1% in the first quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock valued at $51,000 after acquiring an additional 305 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Down 0.5%

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

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, topping analysts' consensus estimates 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 business had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.12 billion. During the same quarter last year, the firm earned $1.93 EPS. The business's revenue was up 3.3% compared to the same quarter last year. On average, 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 announced a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be given a $0.97 dividend. This is an increase 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 yield of 4.9%. The ex-dividend date is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 47.30%.

Analysts Set New Price Targets

Several research analysts recently commented on CM shares. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. 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. Royal Bank Of Canada raised their price target on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. Finally, BMO Capital Markets upped 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 research note on Friday, May 30th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and a consensus 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.