PCJ Investment Counsel Ltd. Sells 16,450 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• PCJ Investment Counsel Ltd. reduced its stake in the Canadian Imperial Bank of Commerce by 33.6%, now holding 32,500 shares valued at approximately $1.83 million after selling 16,450 shares during the 1st quarter.
• In a recent earnings report, the bank exceeded analysts' expectations with $1.44 earnings per share and quarterly revenue of $5.09 billion, marking a year-over-year revenue increase of 13.9%.
• The Canadian Imperial Bank of Commerce announced a quarterly dividend increase to $0.7024 per share, with a current annualized dividend of $2.81 and a yield of 3.9%.

PCJ Investment Counsel Ltd. lowered its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 33.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,500 shares of the bank's stock after selling 16,450 shares during the quarter. PCJ Investment Counsel Ltd.'s holdings in Canadian Imperial Bank of Commerce were worth $1,829,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Wellington Management Group LLP increased its stake in Canadian Imperial Bank of Commerce by 21.4% during the 4th quarter. Wellington Management Group LLP now owns 210,127 shares of the bank's stock valued at $13,285,000 after purchasing an additional 37,015 shares in the last quarter. Renaissance Technologies LLC increased its stake in Canadian Imperial Bank of Commerce by 38.2% during the 4th quarter. Renaissance Technologies LLC now owns 426,728 shares of the bank's stock valued at $26,982,000 after purchasing an additional 117,900 shares in the last quarter. Texas Yale Capital Corp. increased its stake in Canadian Imperial Bank of Commerce by 18.0% during the 4th quarter. Texas Yale Capital Corp. now owns 6,570 shares of the bank's stock valued at $415,000 after purchasing an additional 1,000 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Canadian Imperial Bank of Commerce during the 4th quarter valued at $24,997,000. Finally, Scotia Capital Inc. increased its stake in Canadian Imperial Bank of Commerce by 0.5% during the 4th quarter. Scotia Capital Inc. now owns 4,364,540 shares of the bank's stock valued at $275,414,000 after purchasing an additional 23,315 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

CM opened at $71.96 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $67.03 billion, a price-to-earnings ratio of 12.65, a P/E/G ratio of 1.57 and a beta of 1.06. The firm's fifty day moving average price is $70.96 and its two-hundred day moving average price is $64.32. Canadian Imperial Bank of Commerce has a 1 year low of $49.84 and a 1 year high of $74.63.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The firm's quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.75 EPS. As a group, analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 28th. Investors of record on Friday, June 27th were issued a $0.7024 dividend. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 3.9%. Canadian Imperial Bank of Commerce's payout ratio is presently 49.56%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CM. Wall Street Zen lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. Royal Bank Of Canada boosted their price target on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Finally, BMO Capital Markets lifted 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 report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of "Hold" 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.

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