Korea Investment CORP Lowers Stake 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 cut its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 6.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 650,369 shares of the bank's stock after selling 45,533 shares during the quarter. Korea Investment CORP owned about 0.07% of Canadian Imperial Bank of Commerce worth $36,580,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CM. HM Payson & Co. purchased a new stake in Canadian Imperial Bank of Commerce in the first quarter valued at about $29,000. TruNorth Capital Management LLC increased its position in shares of Canadian Imperial Bank of Commerce by 156.0% in the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after acquiring an additional 312 shares during the period. Private Trust Co. NA increased its position in shares of Canadian Imperial Bank of Commerce by 40.0% in the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after acquiring an additional 223 shares during the period. Farther Finance Advisors LLC increased its position in shares of Canadian Imperial Bank of Commerce by 51.1% in the 1st quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock valued at $51,000 after acquiring an additional 305 shares during the period. Finally, NBC Securities Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 121,800.0% in the 1st quarter. NBC Securities Inc. now owns 1,219 shares of the bank's stock valued at $68,000 after acquiring an additional 1,218 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock traded down $0.4460 during midday trading on Monday, hitting $72.7340. 365,360 shares of the company were exchanged, compared to its average volume of 1,163,074. The firm has a market capitalization of $67.61 billion, a PE ratio of 12.79, a price-to-earnings-growth ratio of 1.60 and a beta of 1.06. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $74.63. The business has a fifty day simple moving average of $72.07 and a two-hundred day simple moving average of $65.13. The company has a debt-to-equity ratio of 0.16, 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 earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, topping the consensus estimate of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%.The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same period last year, the company earned $1.75 earnings per share. Canadian Imperial Bank of Commerce's revenue for the quarter was up 13.9% compared to the same quarter last year. On average, sell-side 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 company also recently announced a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Friday, June 27th were paid a dividend of $0.7024 per share. This represents a $2.81 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Friday, June 27th. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 49.56%.

Analysts Set New Price Targets

Several research firms recently issued reports on CM. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. BMO Capital Markets upped their target price on 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. Scotiabank began coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Royal Bank Of Canada upped 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 report on Friday, May 30th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price 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.