Canadian Imperial Bank of Commerce $CM Shares Sold by Plato Investment Management Ltd

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 stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 15.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 49,600 shares of the bank's stock after selling 9,112 shares during the period. Plato Investment Management Ltd's holdings in Canadian Imperial Bank of Commerce were worth $2,820,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Gradient Investments LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 2.4% in the 1st quarter. Gradient Investments LLC now owns 8,278 shares of the bank's stock valued at $466,000 after acquiring an additional 191 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Canadian Imperial Bank of Commerce by 4.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock worth $255,000 after buying an additional 194 shares during the period. Benjamin Edwards Inc. increased its stake in Canadian Imperial Bank of Commerce by 5.3% during the 1st quarter. Benjamin Edwards Inc. now owns 4,320 shares of the bank's stock worth $243,000 after buying an additional 216 shares during the period. Private Trust Co. NA increased its stake in Canadian Imperial Bank of Commerce by 40.0% during the 1st 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 period. Finally, PDS Planning Inc increased its stake in Canadian Imperial Bank of Commerce by 5.2% during the 1st quarter. PDS Planning Inc now owns 5,438 shares of the bank's stock worth $306,000 after buying an additional 271 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Royal Bank Of Canada raised their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Finally, Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Stock Up 0.4%

Shares of CM traded up $0.31 during mid-day trading on Monday, reaching $79.47. 291,875 shares of the stock traded hands, compared to its average volume of 1,181,488. The firm has a market cap of $73.86 billion, a price-to-earnings ratio of 13.43, a P/E/G ratio of 1.71 and a beta of 1.03. The stock has a fifty day simple moving average of $74.24 and a 200 day simple moving average of $66.79. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $79.67. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. The company had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The business's quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.93 earnings per share. Sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be issued a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 4.9%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 47.64%.

Canadian Imperial Bank of Commerce Company Profile

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.