Northwestern Mutual Wealth Management Co. Acquires Shares of 14,458 Canadian Imperial Bank of Commerce $CM

Key Points

• Northwestern Mutual Wealth Management initiated a position of 14,458 CIBC shares worth approximately $1.66 million in the second quarter. Institutional investors collectively own 49.88% of the bank.
• Analyst sentiment remains moderately positive, with five Buy and five Hold ratings and a consensus price target of $167. Royal Bank of Canada raised its target to $167 and assigned an Outperform rating.
• CIBC reported quarterly EPS of $1.86, exceeding the $1.78 consensus estimate, while revenue rose 14% year over year to $5.89 billion. The bank declared a quarterly dividend of $1.07, equivalent to a 3.7% annualized yield.

Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 14,458 shares of the bank's stock, valued at approximately $1,663,000.

A number of other institutional investors also recently modified their holdings of CM. Deutsche Bank AG bought a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter valued at approximately $237,643,000. Bank of Nova Scotia grew its holdings in shares of Canadian Imperial Bank of Commerce by 0.5% during the 1st quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank's stock worth $1,201,762,000 after acquiring an additional 57,210 shares during the period. Mediolanum International Funds Ltd raised its position in shares of Canadian Imperial Bank of Commerce by 142.8% in the 1st quarter. Mediolanum International Funds Ltd now owns 142,455 shares of the bank's stock worth $13,086,000 after acquiring an additional 83,784 shares in the last quarter. Investment Management Corp of Ontario raised its position in shares of Canadian Imperial Bank of Commerce by 38.6% in the 4th quarter. Investment Management Corp of Ontario now owns 290,749 shares of the bank's stock worth $26,345,000 after acquiring an additional 80,914 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Canadian Imperial Bank of Commerce by 2.0% in the 4th quarter. Legal & General Group Plc now owns 6,475,253 shares of the bank's stock valued at $587,790,000 after purchasing an additional 125,069 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CM. Desjardins cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Raymond James Financial reissued a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Jefferies Financial Group restated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. Finally, Royal Bank Of Canada increased their price target on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an "outperform" rating in a research note on Monday, June 1st. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Down 1.3%

CM stock opened at $114.93 on Tuesday. Canadian Imperial Bank of Commerce has a twelve month low of $72.57 and a twelve month high of $124.86. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The firm has a market cap of $104.91 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 1.22 and a beta of 1.01. The business has a 50 day moving average of $117.15 and a 200 day moving average of $108.50.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The business had revenue of $5.89 billion during the quarter, compared to analysts' expectations of $5.86 billion. During the same quarter in the previous year, the business earned $2.05 earnings per share. The firm's quarterly revenue was up 14.0% compared to the same quarter last year. On average, research analysts forecast that Canadian Imperial Bank of Commerce will post 7.41 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th were given a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce's payout ratio is currently 42.58%.

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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