Massachusetts Financial Services Co. MA Sells 135,795 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• Massachusetts Financial Services Co. MA drastically cut its position in Canadian Imperial Bank of Commerce, selling 135,795 shares (a 96.4% reduction) and leaving it with 5,112 shares worth about $463,000.
• CIBC reported stronger-than-expected quarterly results with EPS $1.99 (vs. $1.74 est.) and revenue of $6.16 billion (up 15.3% year-over-year), and the stock carries a consensus rating of “Moderate Buy” with a target of $107.50.
• The bank declared a quarterly dividend of $1.07 (annualized $4.28) implying a ~3.9% yield; the ex-dividend date is March 27 and the payment date is April 28.

Massachusetts Financial Services Co. MA lessened its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 96.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,112 shares of the bank's stock after selling 135,795 shares during the period. Massachusetts Financial Services Co. MA's holdings in Canadian Imperial Bank of Commerce were worth $463,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Sivia Capital Partners LLC purchased a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth $262,000. EverSource Wealth Advisors LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 12.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank's stock worth $128,000 after acquiring an additional 193 shares during the last quarter. Brown Advisory Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 2.6% during the 2nd quarter. Brown Advisory Inc. now owns 6,277 shares of the bank's stock worth $445,000 after acquiring an additional 160 shares during the last quarter. Qube Research & Technologies Ltd boosted its stake in shares of Canadian Imperial Bank of Commerce by 74.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank's stock worth $23,833,000 after acquiring an additional 143,588 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 7,315.0% during the 2nd quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank's stock worth $210,000 after acquiring an additional 2,926 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CM. Weiss Ratings cut shares of Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday. Zacks Research upgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 4th. Finally, Barclays upgraded shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research note on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Trading Up 1.5%

Shares of Canadian Imperial Bank of Commerce stock opened at $109.12 on Friday. The company has a market capitalization of $100.20 billion, a P/E ratio of 15.91, a P/E/G ratio of 1.11 and a beta of 1.00. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.02. The company has a fifty day moving average of $98.73 and a 200 day moving average of $91.65. Canadian Imperial Bank of Commerce has a fifty-two week low of $58.00 and a fifty-two week high of $110.27.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.25. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $5.53 billion. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. Canadian Imperial Bank of Commerce's quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.20 EPS. On average, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Friday, March 27th will be issued a $1.07 dividend. The ex-dividend date of this dividend is Friday, March 27th. This represents a $4.28 annualized dividend and a yield of 3.9%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 45.77%.

About Canadian Imperial Bank of Commerce

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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