Legal & General Group Plc Has $507.55 Million Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• Legal & General Group Plc boosted its stake in Canadian Imperial Bank of Commerce by 2.7% to 6,350,184 shares, representing a 0.68% ownership valued at $507.55 million at quarter end.
• CIBC beat estimates for the quarter with EPS $1.99 versus $1.74 expected and revenue of $6.16 billion (up 15.3% year‑over‑year), reporting a net margin of 15.15% and ROE of 15.20%.
• The bank declared a quarterly dividend of $1.07 per share (annualized $4.28) with an ex-dividend and record date of March 27 and a payment date of April 28, implying a ~4.3% yield.

Legal & General Group Plc boosted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 2.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,350,184 shares of the bank's stock after acquiring an additional 166,745 shares during the quarter. Legal & General Group Plc owned 0.68% of Canadian Imperial Bank of Commerce worth $507,551,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in CM. Clarkston Capital Partners LLC increased its holdings in Canadian Imperial Bank of Commerce by 25.0% during the 3rd quarter. Clarkston Capital Partners LLC now owns 5,000 shares of the bank's stock worth $399,000 after purchasing an additional 1,000 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 14.5% in the third quarter. Russell Investments Group Ltd. now owns 413,181 shares of the bank's stock valued at $32,996,000 after purchasing an additional 52,321 shares in the last quarter. Private Advisor Group LLC boosted its position in shares of Canadian Imperial Bank of Commerce by 6.3% during the third quarter. Private Advisor Group LLC now owns 5,979 shares of the bank's stock valued at $478,000 after buying an additional 356 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Canadian Imperial Bank of Commerce during the third quarter valued at approximately $718,000. Finally, Parallel Advisors LLC grew its holdings in Canadian Imperial Bank of Commerce by 3.5% during the third quarter. Parallel Advisors LLC now owns 3,404 shares of the bank's stock worth $272,000 after buying an additional 116 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Analyst Upgrades and Downgrades

CM has been the topic of several recent analyst reports. Zacks Research upgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 4th. Weiss Ratings restated a "buy (b)" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, January 21st. Raymond James Financial initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a "market perform" rating for the company. Finally, Barclays upgraded shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research note on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Stock Up 1.5%

CM opened at $99.37 on Wednesday. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $105.00. The company's 50-day moving average price is $95.29 and its two-hundred day moving average price is $87.82. The stock has a market cap of $91.86 billion, a price-to-earnings ratio of 14.49, a PEG ratio of 1.01 and a beta of 1.00. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.12.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.20%. The company had revenue of $6.16 billion during the quarter, compared to analyst estimates of $5.53 billion. During the same quarter last year, the business posted $2.20 EPS. Canadian Imperial Bank of Commerce's quarterly revenue was up 15.3% compared to the same quarter last year. As a group, equities analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Stockholders of record on Friday, March 27th 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 4.3%. The ex-dividend date of this dividend is Friday, March 27th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 44.61%.

About Canadian Imperial Bank of Commerce

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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