LPL Financial LLC Has $18.07 Million Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• LPL Financial LLC reduced its stake in Canadian Imperial Bank of Commerce by 1.9%, now holding 321,022 shares valued at approximately $18.07 million.
• The Canadian Imperial Bank of Commerce recently reported $1.44 earnings per share for the last quarter, exceeding estimates and showing a 13.9% increase in revenue year-over-year.
• The bank increased its quarterly dividend to $0.7024 per share, reflecting a yield of 3.9% and a payout ratio of 49.56%.

LPL Financial LLC trimmed its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 1.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 321,022 shares of the bank's stock after selling 6,266 shares during the period. LPL Financial LLC's holdings in Canadian Imperial Bank of Commerce were worth $18,074,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Wellington Management Group LLP raised its holdings in Canadian Imperial Bank of Commerce by 21.4% during the 4th quarter. Wellington Management Group LLP now owns 210,127 shares of the bank's stock worth $13,285,000 after purchasing an additional 37,015 shares during the last quarter. FIL Ltd grew its position in shares of Canadian Imperial Bank of Commerce by 53.6% during the 4th quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock worth $783,613,000 after buying an additional 4,321,451 shares during the period. Renaissance Technologies LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 38.2% during the fourth quarter. Renaissance Technologies LLC now owns 426,728 shares of the bank's stock worth $26,982,000 after buying an additional 117,900 shares during the last quarter. APG Asset Management N.V. acquired a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $31,469,000. Finally, Texas Yale Capital Corp. boosted its stake in Canadian Imperial Bank of Commerce by 18.0% in the fourth quarter. Texas Yale Capital Corp. now owns 6,570 shares of the bank's stock valued at $415,000 after acquiring an additional 1,000 shares during the last quarter. 49.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CM has been the subject of several recent research reports. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. BMO Capital Markets upped their price objective 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. National Bank Financial cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Wall Street Zen downgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Finally, Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a "sector outperform" rating for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Stock Up 0.9%

CM stock traded up $0.68 during mid-day trading on Friday, hitting $72.64. 988,892 shares of the company were exchanged, compared to its average volume of 1,181,684. 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 has a 1-year low of $50.49 and a 1-year high of $74.63. The firm's 50 day simple moving average is $70.96 and its 200 day simple moving average is $64.32. The firm has a market cap of $67.67 billion, a P/E ratio of 12.77, a P/E/G ratio of 1.57 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The firm's quarterly revenue was up 13.9% on a year-over-year basis. During the same period last year, the business posted $1.75 earnings per share. On average, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 28th. Investors of record on Friday, June 27th were given a $0.7024 dividend. The ex-dividend date of this dividend was Friday, June 27th. 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. Canadian Imperial Bank of Commerce's payout ratio is 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.