JPMorgan Chase & Co. Increases Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• JPMorgan Chase & Co. has increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM) by 31.6%, owning over 10.5 million shares worth approximately $595.8 million.
• The bank reported quarterly earnings of $1.44 EPS, surpassing analysts' expectations, with a revenue of $5.09 billion, up 13.9% year-over-year.
• Canadian Imperial Bank of Commerce recently raised its quarterly dividend to $0.7024, reflecting a yield of 3.9%, and a dividend payout ratio of 49.56%.

JPMorgan Chase & Co. increased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 31.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,581,914 shares of the bank's stock after acquiring an additional 2,538,808 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.13% of Canadian Imperial Bank of Commerce worth $595,762,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CM. Operose Advisors LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at about $26,000. TruNorth Capital Management LLC lifted its position 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 valued at $29,000 after buying an additional 312 shares during the last quarter. HM Payson & Co. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter valued at about $29,000. Private Trust Co. NA lifted its position in shares of Canadian Imperial Bank of Commerce by 40.0% during the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after buying an additional 223 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 51.1% during the first quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock valued at $51,000 after buying an additional 305 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM traded down $0.01 during midday trading on Friday, hitting $73.82. The company's stock had a trading volume of 943,475 shares, compared to its average volume of 1,369,016. Canadian Imperial Bank of Commerce has a fifty-two week low of $51.55 and a fifty-two week high of $74.63. The firm's 50 day moving average is $71.58 and its 200-day moving average is $64.71. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $68.61 billion, a P/E ratio of 12.97, a P/E/G ratio of 1.60 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $4.78 billion. During the same quarter in the prior year, the company earned $1.75 EPS. Canadian Imperial Bank of Commerce's quarterly revenue was up 13.9% on a year-over-year basis. 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 business also recently disclosed a quarterly dividend, which was paid on Monday, July 28th. Shareholders of record on Friday, June 27th were given a $0.7024 dividend. The ex-dividend date was Friday, June 27th. This represents a $2.81 annualized dividend and a yield of 3.8%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's payout ratio is currently 49.56%.

Analysts Set New Price Targets

Several analysts have commented on CM shares. BMO Capital Markets increased their price target on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Finally, Royal Bank Of Canada upped their price objective on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $109.00.

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.