Russell Investments Group Ltd. Has $20 Million Holdings in Canadian Imperial Bank of Commerce $CM

Key Points

• Russell Investments Group Ltd. reduced its stake in Canadian Imperial Bank of Commerce by 20.6%, now holding 355,934 shares valued at approximately $19.99 million.
• Several institutional investors have significantly increased their holdings, with AGF Management Ltd. growing its stake by 980.9% to own 765,331 shares valued at about $43.37 million.
• Canadian Imperial Bank of Commerce recently increased its quarterly dividend from $0.67 to $0.7024, reflecting a dividend yield of 3.8%.

Russell Investments Group Ltd. cut its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 20.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 355,934 shares of the bank's stock after selling 92,071 shares during the quarter. Russell Investments Group Ltd.'s holdings in Canadian Imperial Bank of Commerce were worth $19,995,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Sustainable Insight Capital Management LLC lifted its position in Canadian Imperial Bank of Commerce by 507.2% during the 1st quarter. Sustainable Insight Capital Management LLC now owns 41,897 shares of the bank's stock worth $2,357,000 after buying an additional 34,997 shares in the last quarter. AGF Management Ltd. lifted its position in Canadian Imperial Bank of Commerce by 980.9% during the 1st quarter. AGF Management Ltd. now owns 765,331 shares of the bank's stock worth $43,375,000 after buying an additional 694,526 shares in the last quarter. Public Sector Pension Investment Board lifted its position in Canadian Imperial Bank of Commerce by 27.2% during the 1st quarter. Public Sector Pension Investment Board now owns 4,681,008 shares of the bank's stock worth $263,281,000 after buying an additional 1,000,400 shares in the last quarter. SouthState Corp lifted its position in Canadian Imperial Bank of Commerce by 1,871.6% during the 1st quarter. SouthState Corp now owns 2,011 shares of the bank's stock worth $113,000 after buying an additional 1,909 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter valued at about $124,797,000. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock traded up $0.6780 during trading hours on Friday, hitting $73.7480. The company had a trading volume of 232,297 shares, compared to its average volume of 1,160,033. The firm has a 50-day moving average of $71.97 and a 200 day moving average of $65.00. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $74.63. The firm has a market cap of $68.55 billion, a PE ratio of 12.97, a PEG ratio of 1.60 and a beta of 1.06. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same quarter in the prior year, the business posted $1.75 EPS. The business's revenue was up 13.9% compared to the same quarter last year. On average, sell-side analysts expect 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 was paid on Monday, July 28th. Investors of record on Friday, June 27th were paid a $0.7024 dividend. This represents a $2.81 dividend on an annualized basis and a yield of 3.8%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Friday, June 27th. Canadian Imperial Bank of Commerce's payout ratio is 49.56%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CM. 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. Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. BMO Capital Markets upped their target price on shares of 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. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Royal Bank Of Canada increased 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 report on Friday, May 30th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus 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.