Lombard Odier Asset Management Switzerland SA Boosts Stock Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Lombard Odier Asset Management Switzerland SA boosted its stake in Canadian Imperial Bank of Commerce by 83.8% in the first quarter, ending with 78,960 shares valued at about $7.48 million.
• Analysts remain cautiously positive on CIBC, with an overall Moderate Buy rating and an average target price of $167.00. Royal Bank of Canada recently raised its target to $167 and kept an outperform rating.
• CIBC reported stronger-than-expected quarterly results, with EPS of $1.86 topping estimates and revenue of $5.89 billion slightly above forecasts. The bank also announced a quarterly dividend of $1.07 per share, implying a 3.6% annualized yield.

Lombard Odier Asset Management Switzerland SA increased its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 83.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,960 shares of the bank's stock after acquiring an additional 36,000 shares during the period. Lombard Odier Asset Management Switzerland SA's holdings in Canadian Imperial Bank of Commerce were worth $7,481,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Sivia Capital Partners LLC purchased a new stake in Canadian Imperial Bank of Commerce during the second quarter worth about $262,000. EverSource Wealth Advisors LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 12.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank's stock valued at $128,000 after purchasing an additional 193 shares during the period. Brown Advisory Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 2.6% in the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank's stock valued at $445,000 after purchasing an additional 160 shares during the period. Qube Research & Technologies Ltd grew its holdings in shares of Canadian Imperial Bank of Commerce by 74.6% in the second quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank's stock valued at $23,833,000 after purchasing an additional 143,588 shares in the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 7,315.0% in the second quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank's stock valued at $210,000 after purchasing an additional 2,926 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CM shares. Jefferies Financial Group reiterated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Barclays restated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, June 1st. Raymond James Financial reaffirmed a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Royal Bank Of Canada lifted their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an "outperform" rating in a report on Monday, June 1st. Finally, Weiss Ratings lowered Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, July 15th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $167.00.

Canadian Imperial Bank of Commerce Stock Up 0.8%

Shares of NYSE:CM opened at $117.41 on Friday. Canadian Imperial Bank of Commerce has a fifty-two week low of $71.00 and a fifty-two week high of $122.50. The firm's 50 day moving average price is $114.03 and its 200 day moving average price is $104.47. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The stock has a market cap of $107.17 billion, a price-to-earnings ratio of 16.13, a price-to-earnings-growth ratio of 1.27 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, topping the consensus estimate of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The company had revenue of $5.89 billion during the quarter, compared to analysts' expectations of $5.86 billion. During the same quarter in the previous year, the business posted $2.05 EPS. The firm's revenue was up 14.0% on a year-over-year basis. As a group, equities research analysts predict that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be given a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce's payout ratio is 42.58%.

Canadian Imperial Bank of Commerce Profile

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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