Letko Brosseau & Associates Inc. Cuts Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• Letko Brosseau & Associates Inc. has reduced its stake in Canadian Imperial Bank of Commerce by 17.4%, now holding approximately $111.27 million worth of the stock.
• Several institutional investors, including Capital International Investors and FIL Ltd, have significantly increased their holdings in the bank during the last quarter.
• The bank has recently declared a quarterly dividend of $0.7024, representing an increase from its previous dividend and a yield of 3.87%.

Letko Brosseau & Associates Inc. lessened its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 17.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,978,257 shares of the bank's stock after selling 418,075 shares during the quarter. Canadian Imperial Bank of Commerce makes up approximately 2.4% of Letko Brosseau & Associates Inc.'s portfolio, making the stock its 15th biggest position. Letko Brosseau & Associates Inc. owned 0.21% of Canadian Imperial Bank of Commerce worth $111,266,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Operose Advisors LLC purchased a new position in Canadian Imperial Bank of Commerce during the fourth quarter valued at $26,000. HM Payson & Co. purchased a new position in Canadian Imperial Bank of Commerce during the first quarter valued at $29,000. TruNorth Capital Management LLC lifted its position in 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 period. Private Trust Co. NA lifted its position in 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 period. Finally, Farther Finance Advisors LLC lifted its position in 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 period. Hedge funds and other institutional investors own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

CM has been the subject of several analyst reports. BMO Capital Markets raised their price target on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Royal Bank Of Canada raised their price target on 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. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Finally, Scotiabank began coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $109.00.

Canadian Imperial Bank of Commerce Price Performance

CM stock traded down $0.30 during midday trading on Thursday, hitting $71.45. The company's stock had a trading volume of 1,535,991 shares, compared to its average volume of 1,251,892. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $66.56 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 1.56 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 12 month low of $47.55 and a 12 month high of $74.63. The company has a 50 day moving average of $70.56 and a two-hundred day moving average of $63.98.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, beating 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 company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same quarter in the prior year, the firm posted $1.75 EPS. Canadian Imperial Bank of Commerce's quarterly revenue was up 13.9% compared to the same quarter last year. On average, analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS 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. Shareholders of record on Friday, June 27th were paid a $0.7024 dividend. 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 3.9%. Canadian Imperial Bank of Commerce's payout ratio is 49.56%.

About Canadian Imperial Bank of Commerce

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.