Quadrature Capital Ltd Has $20.09 Million Holdings in Canadian Imperial Bank of Commerce $CM

Key Points

• Quadrature Capital cut its stake in Canadian Imperial Bank of Commerce by 84.5% in Q3 and now holds 251,500 shares valued at about $20.09 million.
• CIBC beat Q results with $1.99 EPS vs. $1.74 est. and $6.16 billion in revenue (up 15.3% year‑over‑year); analysts forecast about 5.5 EPS for the fiscal year.
• The bank announced a quarterly dividend of $1.07 (annualized $4.28, yield ~4.4%, DPR 44.6%), and the stock carries a consensus rating of "Moderate Buy" with a consensus price target of $107.50.

Quadrature Capital Ltd lessened its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 84.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 251,500 shares of the bank's stock after selling 1,370,700 shares during the period. Quadrature Capital Ltd's holdings in Canadian Imperial Bank of Commerce were worth $20,093,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. American Century Companies Inc. grew its holdings in Canadian Imperial Bank of Commerce by 10.8% in the 2nd quarter. American Century Companies Inc. now owns 348,986 shares of the bank's stock valued at $24,772,000 after buying an additional 33,908 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Canadian Imperial Bank of Commerce by 4.4% during the second quarter. Legal & General Group Plc now owns 6,183,439 shares of the bank's stock worth $438,056,000 after buying an additional 262,675 shares in the last quarter. Westerkirk Capital Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter valued at about $3,379,000. Cumberland Partners Ltd boosted its position in shares of Canadian Imperial Bank of Commerce by 50.0% in the second quarter. Cumberland Partners Ltd now owns 14,407 shares of the bank's stock valued at $1,021,000 after acquiring an additional 4,800 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 3.5% in the second quarter. Vanguard Group Inc. now owns 41,410,285 shares of the bank's stock valued at $2,939,385,000 after acquiring an additional 1,382,123 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $96.90 on Friday. The firm has a 50 day moving average of $95.59 and a 200-day moving average of $87.96. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $105.00. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $89.58 billion, a PE ratio of 14.13, a PEG ratio of 1.02 and a beta of 1.00.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.25. The business had revenue of $6.16 billion for the quarter, compared to analyst estimates of $5.53 billion. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.20%. The firm's revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter last year, the business posted $2.20 EPS. On average, equities research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th will be issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Friday, March 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 44.61%.

Analysts Set New Price Targets

CM has been the topic of a number of recent research reports. Zacks Research raised shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 4th. Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a report on Tuesday. Barclays raised shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a report on Thursday, February 19th. Finally, Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a "market perform" rating for the company. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Company 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.

Want to see what other hedge funds are holding CM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.