Massachusetts Financial Services Co. MA Acquires 4,996 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Massachusetts Financial Services Co. MA boosted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 4.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 116,110 shares of the bank's stock after purchasing an additional 4,996 shares during the period. Massachusetts Financial Services Co. MA's holdings in Canadian Imperial Bank of Commerce were worth $6,537,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Natixis Advisors LLC lifted its stake in Canadian Imperial Bank of Commerce by 6.3% in the fourth quarter. Natixis Advisors LLC now owns 49,849 shares of the bank's stock valued at $3,152,000 after acquiring an additional 2,957 shares during the last quarter. Generali Asset Management SPA SGR acquired a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at $173,000. Sandy Spring Bank acquired a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at $32,000. Lee Danner & Bass Inc. acquired a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at $44,000. Finally, Summit Global Investments acquired a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at $1,449,000. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Up 0.4%

Canadian Imperial Bank of Commerce stock opened at $73.29 on Friday. The company has a market capitalization of $68.40 billion, a PE ratio of 12.88, a PEG ratio of 1.59 and a beta of 1.05. The firm's fifty day moving average is $69.23 and its 200 day moving average is $63.33. 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 has a 12-month low of $47.55 and a 12-month high of $73.52.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. The business had revenue of $5.09 billion during 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%. 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 EPS. As a group, 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 will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be paid a $0.7024 dividend. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.81 annualized dividend and a dividend yield of 3.83%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 49.56%.

Analysts Set New Price Targets

CM has been the subject of a number of research reports. Scotiabank initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating for the company. Royal Bank Of Canada raised their price target on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. Wall Street Zen lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Friday. Finally, BMO Capital Markets raised their price target on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of "Hold" and an average price target of $109.00.

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.

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