Sienna Gestion Sells 27,800 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• Sienna Gestion has reduced its holdings in the Canadian Imperial Bank of Commerce by 8.8%, now owning approximately 289,121 shares valued at around $15.8 million.
• Several institutional investors have increased their stakes in the bank, with JPMorgan Chase & Co. notably raising its position by 31.6% in the first quarter.
• The bank recently announced a quarterly dividend of $0.7024 per share, reflecting an annualized dividend yield of 3.8%, up from the previous dividend of $0.67.

Sienna Gestion lessened its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 8.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 289,121 shares of the bank's stock after selling 27,800 shares during the quarter. Canadian Imperial Bank of Commerce makes up approximately 1.3% of Sienna Gestion's investment portfolio, making the stock its 11th largest position. Sienna Gestion's holdings in Canadian Imperial Bank of Commerce were worth $15,807,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of CM. Raymond James Financial Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $24,997,000. Townsquare Capital LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $238,000. Barclays PLC grew its position in shares of Canadian Imperial Bank of Commerce by 106.4% in the fourth quarter. Barclays PLC now owns 49,885 shares of the bank's stock valued at $3,154,000 after purchasing an additional 25,712 shares during the last quarter. Mariner LLC grew its position in shares of Canadian Imperial Bank of Commerce by 3.8% in the fourth quarter. Mariner LLC now owns 34,588 shares of the bank's stock valued at $2,187,000 after purchasing an additional 1,272 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $442,000. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM traded down $0.02 during trading hours on Monday, reaching $73.79. 842,288 shares of the company were exchanged, compared to its average volume of 1,171,608. The business has a 50 day moving average of $71.58 and a 200 day moving average of $64.72. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 1-year low of $52.40 and a 1-year high of $74.63. The company has a market capitalization of $68.59 billion, a P/E ratio of 12.97, a P/E/G ratio of 1.62 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 return on equity of 14.51% and a net margin of 12.19%. The firm had revenue of $5.09 billion during the quarter, compared to analysts' expectations of $4.78 billion. During the same period in the prior year, the company earned $1.75 earnings per share. The company's quarterly revenue was up 13.9% on a year-over-year basis. Research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 28th. Shareholders of record on Friday, June 27th were paid a dividend of $0.7024 per share. The ex-dividend date was Friday, June 27th. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 annualized dividend and a yield of 3.8%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 49.56%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. Royal Bank Of Canada increased their price target on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. BMO Capital Markets increased their price target on 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 raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Scotiabank began coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $109.00.

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.