Letko Brosseau & Associates Inc. Has $111.27 Million Stake 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. trimmed its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 17.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,978,257 shares of the bank's stock after selling 418,075 shares during the period. Canadian Imperial Bank of Commerce makes up approximately 2.4% of Letko Brosseau & Associates Inc.'s holdings, making the stock its 15th biggest holding. 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 hedge funds have also modified their holdings of the company. Operose Advisors LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $26,000. HM Payson & Co. bought a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $29,000. TruNorth Capital Management LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 156.0% during the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock worth $29,000 after acquiring an additional 312 shares in the last quarter. Private Trust Co. NA grew its stake in shares of Canadian Imperial Bank of Commerce by 40.0% during the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank's stock worth $44,000 after acquiring an additional 223 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 51.1% during the 1st quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock worth $51,000 after acquiring an additional 305 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CM has been the topic of a number of recent analyst reports. 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. BMO Capital Markets boosted their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Scotiabank initiated 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. Wall Street Zen downgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Finally, National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock traded up $0.36 during trading on Friday, reaching $71.80. The company's stock had a trading volume of 989,853 shares, compared to its average volume of 1,294,064. The business's 50-day moving average price is $70.63 and its 200-day moving average price is $64.06. The firm has a market cap of $66.88 billion, a PE ratio of 12.62, a P/E/G ratio of 1.56 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 52 week low of $47.55 and a 52 week high of $74.63. The company has a quick ratio of 1.05, a current 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 announced its earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. The company had revenue of $5.09 billion during the quarter, compared to analysts' expectations of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. Canadian Imperial Bank of Commerce's quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.75 earnings per share. 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 business also recently declared a quarterly dividend, which was paid on Monday, July 28th. Investors of record on Friday, June 27th were paid a $0.7024 dividend. This represents a $2.81 dividend on an annualized basis and a yield of 3.9%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Friday, June 27th. Canadian Imperial Bank of Commerce's payout ratio is presently 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.