Sienna Gestion Lowers Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Sienna Gestion reduced its stake in Canadian Imperial Bank of Commerce by 13.2% in the fourth quarter, selling 17,600 shares and ending with 116,221 shares valued at about $10.6 million.
• CIBC reported better-than-expected quarterly results, with earnings per share of $1.86 versus estimates of $1.78 and revenue of $5.89 billion, up 14% year over year.
• The bank also declared a quarterly dividend of $1.07 per share, implying an annualized yield of 3.8%, while analysts currently rate the stock a consensus Hold with a $167 average price target.

Sienna Gestion lessened its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 13.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 116,221 shares of the bank's stock after selling 17,600 shares during the period. Sienna Gestion's holdings in Canadian Imperial Bank of Commerce were worth $10,591,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank's stock valued at $3,907,078,000 after buying an additional 876,974 shares in the last quarter. TD Asset Management Inc lifted its position in shares of Canadian Imperial Bank of Commerce by 1.1% during the 3rd quarter. TD Asset Management Inc now owns 22,752,807 shares of the bank's stock valued at $1,818,556,000 after buying an additional 249,722 shares in the last quarter. Canerector Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 11,021.0% during the 3rd quarter. Canerector Inc. now owns 22,242,000 shares of the bank's stock valued at $1,776,913,000 after buying an additional 22,042,000 shares in the last quarter. Cibc World Market Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 1.3% during the 4th quarter. Cibc World Market Inc. now owns 12,010,183 shares of the bank's stock valued at $1,088,243,000 after buying an additional 158,634 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at approximately $958,383,000. Hedge funds and other institutional investors own 49.88% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CM. Jefferies Financial Group reiterated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Royal Bank Of Canada increased their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an "outperform" rating in a research report on Monday, June 1st. Barclays reiterated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Scotiabank lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Monday, June 1st. Finally, Weiss Ratings lowered Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Thursday, June 4th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of "Hold" and an average price target of $167.00.

Canadian Imperial Bank of Commerce Trading Up 0.2%

Shares of CM stock opened at $113.68 on Tuesday. The stock's fifty day moving average is $109.20 and its two-hundred day moving average is $99.43. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $103.77 billion, a P/E ratio of 15.61, a PEG ratio of 1.22 and a beta of 1.02. Canadian Imperial Bank of Commerce has a fifty-two week low of $68.32 and a fifty-two week high of $117.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating analysts' consensus estimates of $1.78 by $0.08. The company had revenue of $5.89 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm posted $2.05 EPS. Research analysts expect that Canadian Imperial Bank of Commerce will post 7.43 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be paid a $1.07 dividend. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.8%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 43.13%.

Canadian Imperial Bank of Commerce 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.

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