Plato Investment Management Ltd Cuts Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Plato Investment Management Ltd has reduced its stake in the Canadian Imperial Bank of Commerce by 15.5% during the first quarter, resulting in ownership of 49,600 shares worth approximately $2.82 million.
• The bank's latest earnings report revealed an EPS of $1.57, exceeding expectations and demonstrating a 3.3% revenue increase year-over-year.
• Canadian Imperial Bank of Commerce has announced an increase in its quarterly dividend from $0.70 to $0.97, with a dividend yield of 5.0% and a payout ratio of 47.64%.

Plato Investment Management Ltd trimmed its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 15.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,600 shares of the bank's stock after selling 9,112 shares during the quarter. Plato Investment Management Ltd's holdings in Canadian Imperial Bank of Commerce were worth $2,820,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. HM Payson & Co. bought a new position in Canadian Imperial Bank of Commerce in the 1st quarter valued at $29,000. TruNorth Capital Management LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 156.0% in the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock worth $29,000 after buying an additional 312 shares during the last quarter. Truvestments Capital LLC bought a new position in Canadian Imperial Bank of Commerce during the first quarter valued at about $32,000. Private Trust Co. NA increased its holdings 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 worth $44,000 after buying an additional 223 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in Canadian Imperial Bank of Commerce by 51.1% during the first quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock worth $51,000 after buying an additional 305 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM opened at $78.10 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $79.67. The stock has a market cap of $72.59 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 1.69 and a beta of 1.03. The stock has a fifty day moving average of $73.81 and a 200-day moving average of $66.36.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. The business had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The firm's revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.93 EPS. Equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be paid a dividend of $0.97 per share. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. This represents a $3.88 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 47.64%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued 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 research note on Saturday, August 9th. BMO Capital Markets increased their price objective on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Royal Bank Of Canada boosted their target price on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Finally, National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.50.

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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