Pictet Asset Management Holding SA Has $36.25 Million Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Pictet Asset Management Holding SA increased its stake in Canadian Imperial Bank of Commerce by 9.9%, owning 399,347 shares valued at $36.25 million at the end of the quarter.
• CIBC beat quarterly expectations with $1.99 EPS and revenue up 15.3%; the stock trades near $107.72 and the bank pays a quarterly dividend of $1.07 (≈4.0% yield).
• Analysts skew positive with an average rating of "Moderate Buy" and an average price target of $107.50, while institutional ownership is about 49.9%.

Pictet Asset Management Holding SA boosted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 9.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 399,347 shares of the bank's stock after purchasing an additional 35,921 shares during the quarter. Pictet Asset Management Holding SA's holdings in Canadian Imperial Bank of Commerce were worth $36,251,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Canerector Inc. increased its stake in Canadian Imperial Bank of Commerce by 11,021.0% in the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank's stock valued at $1,776,913,000 after acquiring an additional 22,042,000 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 10.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,349,841 shares of the bank's stock valued at $826,866,000 after purchasing an additional 980,811 shares in the last quarter. Nicola Wealth Management LTD. bought a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at $75,920,000. Vanguard Group Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank's stock worth $3,907,078,000 after buying an additional 876,974 shares in the last quarter. Finally, Picton Mahoney Asset Management raised its holdings in shares of Canadian Imperial Bank of Commerce by 69.1% during the 3rd quarter. Picton Mahoney Asset Management now owns 1,477,258 shares of the bank's stock worth $118,022,000 after buying an additional 603,540 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Weiss Ratings lowered Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday, April 17th. Zacks Research raised shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 4th. Finally, Barclays upgraded shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research report on Thursday, February 19th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Down 1.7%

NYSE:CM opened at $107.72 on Thursday. Canadian Imperial Bank of Commerce has a one year low of $61.67 and a one year high of $110.91. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market cap of $98.91 billion, a PE ratio of 15.70, a P/E/G ratio of 1.14 and a beta of 1.00. The firm's 50 day simple moving average is $100.73 and its 200 day simple moving average is $93.24.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.25. The firm had revenue of $6.16 billion during the quarter, compared to analysts' expectations of $5.53 billion. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. The company's revenue was up 15.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.20 EPS. On average, research analysts anticipate that Canadian Imperial Bank of Commerce will post 7.51 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th were issued a dividend of $1.07 per share. The ex-dividend date of this dividend was Friday, March 27th. This represents a $4.28 annualized dividend and a yield of 4.0%. Canadian Imperial Bank of Commerce's payout ratio is presently 45.63%.

Canadian Imperial Bank of Commerce Profile

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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