Northwest & Ethical Investments L.P. Acquires 37,529 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• Northwest & Ethical Investments L.P. increased its stake in the Canadian Imperial Bank of Commerce by 22.5%, acquiring an additional 37,529 shares, bringing their total to 204,355 shares valued at approximately $11.5 million.
• Canadian Imperial Bank of Commerce declared a quarterly dividend of $0.7024, up from the previous dividend of $0.67, representing a 3.8% yield.
• The bank reported a quarterly EPS of $1.44, exceeding estimates, and achieved revenues of $5.09 billion, signaling a 13.9% increase from the same quarter last year.

Northwest & Ethical Investments L.P. raised its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 22.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 204,355 shares of the bank's stock after buying an additional 37,529 shares during the quarter. Northwest & Ethical Investments L.P.'s holdings in Canadian Imperial Bank of Commerce were worth $11,502,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Gradient Investments LLC boosted its position in Canadian Imperial Bank of Commerce by 2.4% during the first quarter. Gradient Investments LLC now owns 8,278 shares of the bank's stock valued at $466,000 after purchasing an additional 191 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 4.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock valued at $255,000 after buying an additional 194 shares in the last quarter. Benjamin Edwards Inc. increased its holdings in Canadian Imperial Bank of Commerce by 5.3% in the first quarter. Benjamin Edwards Inc. now owns 4,320 shares of the bank's stock worth $243,000 after buying an additional 216 shares during the last quarter. Private Trust Co. NA raised its position in Canadian Imperial Bank of Commerce by 40.0% during the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after acquiring an additional 223 shares in the last quarter. Finally, PDS Planning Inc lifted its stake in Canadian Imperial Bank of Commerce by 5.2% in the first quarter. PDS Planning Inc now owns 5,438 shares of the bank's stock valued at $306,000 after acquiring an additional 271 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Trading Down 0.1%

Canadian Imperial Bank of Commerce stock traded down $0.0850 during mid-day trading on Thursday, hitting $73.0350. The stock had a trading volume of 758,995 shares, compared to its average volume of 1,165,934. Canadian Imperial Bank of Commerce has a 12 month low of $53.22 and a 12 month high of $74.63. The stock has a market capitalization of $67.89 billion, a PE ratio of 12.84, a P/E/G ratio of 1.60 and a beta of 1.06. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. The stock has a 50-day simple moving average of $71.87 and a two-hundred day simple moving average of $64.91.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 14.51% and a net margin of 12.19%.The firm's revenue was up 13.9% on a year-over-year basis. During the same period last year, the company earned $1.75 EPS. As a group, sell-side analysts forecast 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 was paid on Monday, July 28th. Investors of record on Friday, June 27th were given a $0.7024 dividend. The ex-dividend date was Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 3.8%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio is 49.56%.

Wall Street Analysts Forecast Growth

CM has been the topic of several analyst reports. National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Royal Bank Of Canada raised their target price on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Scotiabank started coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, BMO Capital Markets boosted their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" 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.