J. Safra Sarasin Holding AG Makes New $2.22 Million Investment in Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• J. Safra Sarasin Holding AG acquired 39,497 shares of the Canadian Imperial Bank of Commerce (NYSE:CM), valued at approximately $2.22 million, in the 1st quarter.
• The Canadian Imperial Bank of Commerce recently increased its quarterly dividend to $0.7024 per share, representing an annualized amount of $2.81 and a dividend yield of 3.9%.
• Several analysts have updated their ratings on CM, with Royal Bank of Canada raising the target price from $108.00 to $116.00, while others have adjusted ratings to hold or sell.

J. Safra Sarasin Holding AG acquired a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 39,497 shares of the bank's stock, valued at approximately $2,221,000.

A number of other large investors have also modified their holdings of CM. Capital International Investors bought a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at about $424,386,000. FIL Ltd boosted its position in shares of Canadian Imperial Bank of Commerce by 53.6% during the 4th quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock valued at $783,613,000 after purchasing an additional 4,321,451 shares in the last quarter. Mackenzie Financial Corp boosted its position in shares of Canadian Imperial Bank of Commerce by 41.1% during the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock valued at $431,952,000 after purchasing an additional 1,990,520 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Canadian Imperial Bank of Commerce by 31.3% during the 4th quarter. Geode Capital Management LLC now owns 5,573,202 shares of the bank's stock valued at $357,480,000 after purchasing an additional 1,327,967 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Canadian Imperial Bank of Commerce by 223.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,293,763 shares of the bank's stock valued at $72,767,000 after purchasing an additional 894,035 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Royal Bank Of Canada raised their target price on shares of 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. Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. 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. Finally, BMO Capital Markets raised their target price 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. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $109.00.

Canadian Imperial Bank of Commerce Stock Down 0.6%

CM traded down $0.40 during midday trading on Tuesday, hitting $72.11. 116,592 shares of the company's stock traded hands, compared to its average volume of 1,169,295. The company has a market cap of $67.17 billion, a PE ratio of 12.67, a price-to-earnings-growth ratio of 1.56 and a beta of 1.06. The stock's fifty day simple moving average is $70.72 and its 200-day simple moving average is $64.14. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a one year low of $48.35 and a one year high of $74.63.

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

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Friday, June 27th were given a $0.7024 dividend. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Friday, June 27th. Canadian Imperial Bank of Commerce's payout ratio is 49.56%.

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.