JPMorgan Chase & Co. Has $375.42 Million Position in Canadian Imperial Bank of Commerce $CM

Key Points

• JPMorgan Chase cut its stake in Canadian Imperial Bank of Commerce by 52.8% in the fourth quarter, but still held 4.14 million shares worth about $375.4 million.
• CIBC reported stronger-than-expected quarterly results, posting EPS of $1.86 versus estimates of $1.78 and revenue of $5.89 billion, with revenue up 14% from a year earlier.
• The bank also announced a quarterly dividend of $1.07 per share, implying an annualized yield of 3.9%, while analysts currently rate the stock Hold on average with a $167 price target.

JPMorgan Chase & Co. lowered its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 52.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,143,191 shares of the bank's stock after selling 4,633,901 shares during the quarter. JPMorgan Chase & Co. owned 0.45% of Canadian Imperial Bank of Commerce worth $375,415,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. CIBC Bancorp USA Inc. bought a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at approximately $11,217,000. Mackenzie Financial Corp boosted its holdings in Canadian Imperial Bank of Commerce by 1.1% in the third quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank's stock valued at $509,763,000 after acquiring an additional 67,738 shares during the last quarter. Legal & General Group Plc boosted its holdings in Canadian Imperial Bank of Commerce by 2.0% in the fourth quarter. Legal & General Group Plc now owns 6,475,253 shares of the bank's stock valued at $587,790,000 after acquiring an additional 125,069 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Canadian Imperial Bank of Commerce by 34.8% in the third quarter. Fisher Asset Management LLC now owns 1,686,816 shares of the bank's stock valued at $134,760,000 after acquiring an additional 435,799 shares during the last quarter. Finally, Intech Investment Management LLC boosted its holdings in Canadian Imperial Bank of Commerce by 6.5% in the fourth quarter. Intech Investment Management LLC now owns 343,828 shares of the bank's stock valued at $31,211,000 after acquiring an additional 21,078 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $110.18 on Thursday. The stock has a market capitalization of $100.58 billion, a price-to-earnings ratio of 15.13, a PEG ratio of 1.19 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 52-week low of $67.46 and a 52-week high of $117.05. The stock's 50 day moving average price is $108.17 and its two-hundred day moving average price is $98.83. The company has a debt-to-equity ratio of 0.11, 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 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.78 by $0.08. The firm had revenue of $5.89 billion for the quarter, compared to analysts' expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The company's revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.05 EPS. On average, equities analysts predict that Canadian Imperial Bank of Commerce will post 7.43 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 43.13%.

Analysts Set New Price Targets

Several analysts recently commented on the company. Scotiabank cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Monday, June 1st. Weiss Ratings cut Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a report on Thursday, June 4th. Royal Bank Of Canada increased their price target on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an "outperform" rating in a report on Monday, June 1st. Jefferies Financial Group restated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Finally, Barclays restated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Hold" and an average price target of $167.00.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

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