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 Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 0.2% in the first quarter, according to its most recent Form 13F filing with the Securities and 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 accounts for 1.3% of Scotia Capital Inc.'s portfolio, making the stock its 22nd largest holding. Scotia Capital Inc. owned about 0.46% of Canadian Imperial Bank of Commerce worth $244,513,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Blair William & Co. IL raised its position in Canadian Imperial Bank of Commerce by 7.3% in the 4th quarter. Blair William & Co. IL now owns 5,658 shares of the bank's stock worth $358,000 after purchasing an additional 383 shares during the last quarter. Orion Portfolio Solutions LLC raised its position in Canadian Imperial Bank of Commerce by 6.2% in the 4th quarter. Orion Portfolio Solutions LLC now owns 16,921 shares of the bank's stock worth $1,070,000 after purchasing an additional 986 shares during the last quarter. Wellington Management Group LLP raised its position in Canadian Imperial Bank of Commerce by 21.4% in the 4th quarter. Wellington Management Group LLP now owns 210,127 shares of the bank's stock worth $13,285,000 after purchasing an additional 37,015 shares during the last quarter. Geode Capital Management LLC raised its position in Canadian Imperial Bank of Commerce by 31.3% in the 4th quarter. Geode Capital Management LLC now owns 5,573,202 shares of the bank's stock worth $357,480,000 after purchasing an additional 1,327,967 shares during the last quarter. Finally, FIL Ltd raised its position in Canadian Imperial Bank of Commerce by 53.6% in the 4th 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. Institutional investors own 49.88% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. BMO Capital Markets boosted their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Wall Street Zen lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Royal Bank Of Canada lifted their target price on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Finally, Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $109.00.

Canadian Imperial Bank of Commerce Price Performance

CM opened at $71.80 on Friday. The company has a fifty day moving average price of $70.63 and a two-hundred day moving average price of $64.06. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 52 week low of $47.55 and a 52 week high of $74.63. The firm has a market capitalization of $66.88 billion, a PE ratio of 12.62, a P/E/G ratio of 1.56 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $4.78 billion. During the same quarter in the previous year, the business earned $1.75 EPS. The firm's revenue was up 13.9% on a year-over-year basis. As a group, analysts anticipate 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 declared a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Friday, June 27th were issued a $0.7024 dividend. 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. This represents a $2.81 annualized dividend and a dividend yield of 3.9%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 49.56%.

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.

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