Northern Trust Corp Grows Stock Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Northern Trust Corp increased its stake in Canadian Imperial Bank of Commerce (CIBC) by 16.2%, now owning 728,401 shares valued at approximately $41 million.
• CIBC reported $1.44 EPS for the last quarter, exceeding estimates, with a revenue of $5.09 billion, reflecting a 13.9% year-over-year increase.
• The bank has announced a quarterly dividend increase to $0.97, representing a 5% yield, up from the previous $0.70 per share.

Northern Trust Corp increased its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 16.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 728,401 shares of the bank's stock after buying an additional 101,549 shares during the quarter. Northern Trust Corp owned about 0.08% of Canadian Imperial Bank of Commerce worth $41,009,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Canadian Imperial Bank of Commerce by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 40,028,162 shares of the bank's stock worth $2,251,664,000 after purchasing an additional 642,924 shares in the last quarter. Toronto Dominion Bank increased its holdings in Canadian Imperial Bank of Commerce by 1.1% during the 4th quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock worth $1,398,619,000 after purchasing an additional 234,088 shares in the last quarter. Bank of Nova Scotia increased its holdings in Canadian Imperial Bank of Commerce by 4.5% during the 1st quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank's stock worth $1,010,849,000 after purchasing an additional 773,174 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Canadian Imperial Bank of Commerce by 31.6% during the 1st quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock worth $595,762,000 after purchasing an additional 2,538,808 shares in the last quarter. Finally, Mackenzie Financial Corp increased its holdings in Canadian Imperial Bank of Commerce by 41.1% during the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock worth $431,952,000 after purchasing an additional 1,990,520 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

CM stock traded up $1.11 during mid-day trading on Wednesday, hitting $78.36. 1,229,392 shares of the stock were exchanged, compared to its average volume of 1,303,942. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.05. The business has a fifty day moving average price of $73.18 and a 200 day moving average price of $65.87. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $78.44. The stock has a market capitalization of $72.84 billion, a price-to-earnings ratio of 13.24, a PEG ratio of 1.68 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The firm had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.12 billion. During the same quarter in the previous year, the company posted $1.93 earnings per share. The company's revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be paid a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 5.0%. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 47.64%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CM. National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. BMO Capital Markets boosted their price objective on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Finally, Royal Bank Of Canada increased their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a report on Friday, August 29th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $107.50.

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.