Korea Investment CORP Has $36.58 Million Stock Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Korea Investment CORP reduced its stake in Canadian Imperial Bank of Commerce by 6.5% in the first quarter, now holding about 0.07% of the bank, valued at $36.58 million.
• Several institutional investors, including Hudson Value Partners and MQS Management, have recently made new positions or increased their holdings in Canadian Imperial Bank of Commerce during the same quarter.
• The bank reported an EPS of $1.44, surpassing estimates, along with a 13.9% year-over-year increase in revenue, and recently raised its quarterly dividend to $0.7024.

Korea Investment CORP lessened its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 6.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 650,369 shares of the bank's stock after selling 45,533 shares during the period. Korea Investment CORP owned approximately 0.07% of Canadian Imperial Bank of Commerce worth $36,580,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CM shares. Royal Bank Of Canada lifted their target price on 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. Scotiabank started coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. BMO Capital Markets lifted 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. 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. Finally, National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $109.00.

Canadian Imperial Bank of Commerce Price Performance

CM stock traded up $0.0950 during trading hours on Friday, hitting $73.1650. 1,508,258 shares of the stock traded hands, compared to its average volume of 1,174,303. The stock has a 50-day simple moving average of $72.07 and a 200 day simple moving average of $65.10. The company has a market cap of $68.01 billion, a P/E ratio of 12.86, a P/E/G ratio of 1.60 and a beta of 1.06. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $74.63. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16.

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, beating 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 the consensus estimate of $4.78 billion. During the same period in the prior year, the company earned $1.75 EPS. Canadian Imperial Bank of Commerce's revenue was up 13.9% on a year-over-year basis. Equities analysts forecast 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 was paid on Monday, July 28th. Investors of record on Friday, June 27th were issued a dividend of $0.7024 per share. The ex-dividend date was Friday, June 27th. 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 yield of 3.8%. Canadian Imperial Bank of Commerce's payout ratio is 49.56%.

Canadian Imperial Bank of Commerce 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.