SEB Asset Management AB Invests $23.12 Million in Canadian Imperial Bank of Commerce $CM

Key Points

• SEB Asset Management AB disclosed a new stake in Canadian Imperial Bank of Commerce, buying 244,750 shares valued at about $23.1 million in the first quarter.
• CIBC recently posted better-than-expected quarterly results, with EPS of $1.86 versus $1.78 expected and revenue of $5.89 billion, up 14% year over year.
• The bank also announced a quarterly dividend of $1.07 per share, implying an annualized yield of about 3.5%; analysts currently rate the stock a Moderate Buy with an average target price of $167.

SEB Asset Management AB bought a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 244,750 shares of the bank's stock, valued at approximately $23,122,000.

Several other hedge funds also recently made changes to their positions in the company. EFG International AG bought a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $35,000. Larson Financial Group LLC increased its position in Canadian Imperial Bank of Commerce by 119.7% in the third quarter. Larson Financial Group LLC now owns 402 shares of the bank's stock worth $32,000 after buying an additional 219 shares in the last quarter. Lodestone Wealth Management LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth about $37,000. Global Assets Advisory LLC purchased a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at about $54,000. Finally, Aventura Private Wealth LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at approximately $69,000. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Up 0.0%

Shares of CM stock opened at $121.26 on Monday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $110.69 billion, a price-to-earnings ratio of 16.66, a price-to-earnings-growth ratio of 1.31 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 12-month low of $71.00 and a 12-month high of $122.50. The stock's 50-day moving average price is $113.41 and its 200-day moving average price is $103.64.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.08. The business had revenue of $5.89 billion during the quarter, compared to analysts' expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The firm's revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.05 EPS. Equities research analysts predict that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 3.5%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce's payout ratio is currently 42.58%.

Analysts Set New Price Targets

Several equities analysts have weighed in on CM shares. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Raymond James Financial reaffirmed a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday. Jefferies Financial Group reiterated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Finally, Scotiabank reissued an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $167.00.

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.

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.