Mufg Securities Canada LTD. Trims Stock Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Mufg Securities Canada LTD. reduced its CIBC stake by 5.5% in the second quarter, selling 75,729 shares and retaining 1.30 million shares worth approximately $149.7 million.
• CIBC reported quarterly EPS of $1.96, surpassing the $1.80 analyst consensus, while revenue of $5.97 billion also exceeded estimates. Analysts expect $7.41 in EPS for the current fiscal year.
• CIBC declared a quarterly dividend of $1.07 per share, equivalent to an annualized $4.28 payout and a 3.8% yield. The stock carries a “Moderate Buy” consensus rating with an average price target of $167.

Mufg Securities Canada LTD. trimmed its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 5.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,301,918 shares of the bank's stock after selling 75,729 shares during the quarter. Canadian Imperial Bank of Commerce makes up 4.0% of Mufg Securities Canada LTD.'s holdings, making the stock its 9th biggest holding. Mufg Securities Canada LTD. owned about 0.14% of Canadian Imperial Bank of Commerce worth $149,684,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in CM. Larson Financial Group LLC increased its position in Canadian Imperial Bank of Commerce by 119.7% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank's stock valued at $32,000 after purchasing an additional 219 shares during the period. EFG International AG acquired a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth $35,000. Bell Investment Advisors Inc bought a new position in Canadian Imperial Bank of Commerce during the second quarter worth $36,000. Global Assets Advisory LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at about $54,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA grew its holdings in Canadian Imperial Bank of Commerce by 87.0% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank's stock worth $69,000 after purchasing an additional 400 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $113.49 on Tuesday. Canadian Imperial Bank of Commerce has a 1-year low of $76.10 and a 1-year high of $124.86. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $103.60 billion, a PE ratio of 15.15, a price-to-earnings-growth ratio of 1.19 and a beta of 1.01. The firm's 50 day simple moving average is $117.45 and its 200 day simple moving average is $109.19.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, August 27th. The bank reported $1.96 EPS for the quarter, beating analysts' consensus estimates of $1.80 by $0.16. The firm had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.74 billion. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. As a group, analysts expect that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Monday, September 28th will be given a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 3.8%. The ex-dividend date is Monday, September 28th. Canadian Imperial Bank of Commerce's payout ratio is presently 41.39%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CM shares. Barclays restated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. Raymond James Financial restated a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Thursday. Jefferies Financial Group restated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Finally, Desjardins lowered Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and an average price target of $167.00.

Canadian Imperial Bank of Commerce Company 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.

Want to see what other hedge funds are holding CM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source