Sciencast Management LP Buys Shares of 9,695 Canadian Imperial Bank of Commerce $CM

Key Points

• Sciencast Management LP invested approximately $546,000 to acquire 9,695 shares in the Canadian Imperial Bank of Commerce during the first quarter.
• The Canadian Imperial Bank of Commerce recently reported $1.57 EPS for the quarter, exceeding estimates, and announced a quarterly dividend of $0.97 per share, up from $0.70.
• The bank's stock currently has an average rating of "Moderate Buy" with a target price of $107.50, as several analysts have recently upgraded their ratings.

Sciencast Management LP acquired a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 9,695 shares of the bank's stock, valued at approximately $546,000.

A number of other institutional investors have also made changes to their positions in CM. Ameriprise Financial Inc. grew its stake in Canadian Imperial Bank of Commerce by 2.3% in the fourth quarter. Ameriprise Financial Inc. now owns 29,735 shares of the bank's stock valued at $1,880,000 after acquiring an additional 663 shares during the period. Baird Financial Group Inc. grew its stake in Canadian Imperial Bank of Commerce by 13.8% in the fourth quarter. Baird Financial Group Inc. now owns 30,332 shares of the bank's stock valued at $1,918,000 after acquiring an additional 3,682 shares during the period. Focus Partners Wealth grew its stake in Canadian Imperial Bank of Commerce by 18.5% in the fourth quarter. Focus Partners Wealth now owns 7,401 shares of the bank's stock valued at $468,000 after acquiring an additional 1,155 shares during the period. OMERS ADMINISTRATION Corp grew its stake in Canadian Imperial Bank of Commerce by 59.2% in the fourth quarter. OMERS ADMINISTRATION Corp now owns 1,199,914 shares of the bank's stock valued at $75,864,000 after acquiring an additional 446,314 shares during the period. Finally, Nuveen Asset Management LLC grew its stake in Canadian Imperial Bank of Commerce by 0.3% in the fourth quarter. Nuveen Asset Management LLC now owns 1,085,906 shares of the bank's stock valued at $68,656,000 after acquiring an additional 2,802 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM traded down $0.39 on Friday, hitting $79.16. The company's stock had a trading volume of 617,567 shares, compared to its average volume of 1,225,085. The firm has a market capitalization of $73.58 billion, a P/E ratio of 13.37, a price-to-earnings-growth ratio of 1.71 and a beta of 1.03. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $79.67. The stock has a fifty day moving average of $74.24 and a two-hundred day moving average of $66.79.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping 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 return on equity of 14.67% and a net margin of 12.94%.The firm's quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.93 earnings per share. Research analysts predict 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be paid a dividend of $0.97 per share. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date is Monday, September 29th. This represents a $3.88 dividend on an annualized basis and a yield of 4.9%. Canadian Imperial Bank of Commerce's dividend payout ratio is 47.64%.

Analyst Ratings Changes

A number of research analysts have issued reports on CM shares. 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. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Finally, BMO Capital Markets boosted their price target 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. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently 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, 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.