Nykredit A S Takes $26.17 Million Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Nykredit A S acquired 227,303 shares of Canadian Imperial Bank of Commerce during the second quarter, valued at approximately $26.17 million. Institutional investors collectively own 49.88% of the bank’s stock.
• CIBC exceeded quarterly expectations, reporting EPS of $1.96 versus the $1.80 consensus and revenue of $5.97 billion compared with estimates of $5.74 billion.
• The bank declared a quarterly dividend of $1.07, equivalent to $4.28 annually and a 3.6% yield. Analyst sentiment is “Moderate Buy,” with a consensus price target of $167.

Nykredit A S bought a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 227,303 shares of the bank's stock, valued at approximately $26,166,000.

Several other hedge funds also recently made changes to their positions in CM. BTG Pactual Asset Management US LLC purchased a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter valued at $2,300,000. Two Sigma Securities LLC increased its position in shares of Canadian Imperial Bank of Commerce by 4.0% in the second quarter. Two Sigma Securities LLC now owns 5,134 shares of the bank's stock valued at $590,000 after acquiring an additional 196 shares during the period. Hsbc Holdings PLC bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at about $799,000. Wellington Management Group LLP bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at about $9,509,000. Finally, Beacon Pointe Advisors LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $214,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Up 2.2%

Shares of CM opened at $118.20 on Friday. Canadian Imperial Bank of Commerce has a 1-year low of $77.66 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's 50-day moving average price is $117.52 and its 200-day moving average price is $109.60. The firm has a market capitalization of $107.90 billion, a price-to-earnings ratio of 15.78, a PEG ratio of 1.17 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, August 27th. The bank reported $1.96 EPS for the quarter, topping the consensus estimate of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. The business had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.74 billion. Sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 7.41 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Monday, September 28th will be given a $1.07 dividend. The ex-dividend date of this dividend is Monday, September 28th. This represents a $4.28 annualized dividend and a dividend yield of 3.6%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 41.39%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Weiss Ratings raised Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Thursday, August 27th. Desjardins lowered Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Tuesday, August 4th. TD Securities reiterated a "buy" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Keefe, Bruyette & Woods assumed coverage on Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They issued a "market perform" rating on the stock. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $167.00.

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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