Scotia Capital Inc. Sells 10,069 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• Scotia Capital Inc. has reduced its stake in Canadian Imperial Bank of Commerce by 0.2%, selling 10,069 shares, and now holds a total of 4,354,471 shares, accounting for 1.3% of its portfolio.
• Several institutional investors have increased their holdings in Canadian Imperial Bank of Commerce, with FIL Ltd increasing its stake by 53.6%, now owning over 12 million shares valued at $783.6 million.
• The bank recently declared a quarterly dividend of $0.7024, up from $0.67, resulting in an annualized dividend yield of 3.9% and a payout ratio of 49.56%.

Scotia Capital Inc. lowered its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 0.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,354,471 shares of the bank's stock after selling 10,069 shares during the period. Canadian Imperial Bank of Commerce comprises about 1.3% of Scotia Capital Inc.'s holdings, making the stock its 22nd largest holding. Scotia Capital Inc. owned approximately 0.46% of Canadian Imperial Bank of Commerce worth $244,513,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Capital International Investors purchased a new position in Canadian Imperial Bank of Commerce during the fourth quarter valued at $424,386,000. FIL Ltd raised its holdings in shares of Canadian Imperial Bank of Commerce by 53.6% during the fourth quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock worth $783,613,000 after purchasing an additional 4,321,451 shares during the last quarter. Mackenzie Financial Corp increased its position in shares of Canadian Imperial Bank of Commerce by 41.1% during the fourth quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock worth $431,952,000 after purchasing an additional 1,990,520 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Canadian Imperial Bank of Commerce by 31.3% during the 4th quarter. Geode Capital Management LLC now owns 5,573,202 shares of the bank's stock valued at $357,480,000 after buying an additional 1,327,967 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Canadian Imperial Bank of Commerce by 223.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,293,763 shares of the bank's stock worth $72,767,000 after purchasing an additional 894,035 shares during the period. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Up 0.2%

NYSE CM traded up $0.15 on Thursday, hitting $72.32. 296,034 shares of the stock were exchanged, compared to its average volume of 1,170,491. The company has a 50-day moving average price of $70.88 and a 200-day moving average price of $64.25. Canadian Imperial Bank of Commerce has a fifty-two week low of $49.84 and a fifty-two week high of $74.63. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. The company has a market cap of $67.37 billion, a PE ratio of 12.71, a PEG ratio of 1.57 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same quarter in the previous year, the firm earned $1.75 EPS. The company's revenue was up 13.9% on a year-over-year basis. Sell-side analysts anticipate 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 announced a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Friday, June 27th were paid a $0.7024 dividend. The ex-dividend date was Friday, June 27th. This represents a $2.81 annualized dividend and a dividend yield of 3.9%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 49.56%.

Analysts Set New Price Targets

Several analysts have commented on the company. National Bank Financial cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Wall Street Zen downgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Friday, July 18th. BMO Capital Markets lifted their price objective on 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. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Finally, Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $109.00.

Canadian Imperial Bank of Commerce 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.