Skandinaviska Enskilda Banken AB publ Grows Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• Skandinaviska Enskilda Banken AB increased its stake in Canadian Imperial Bank of Commerce (CIBC) by 4.9%, acquiring an additional 20,441 shares for a total of 438,371 shares now valued at approximately $24.68 million.
• CIBC reported $1.44 earnings per share for the last quarter, exceeding the consensus estimate by $0.10, with revenue reaching $5.09 billion, up 13.9% year-over-year.
• The bank announced a quarterly dividend increase to $0.7024 per share, resulting in an annualized dividend of $2.81 and a dividend yield of 3.80%.

Skandinaviska Enskilda Banken AB publ lifted its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 4.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 438,371 shares of the bank's stock after acquiring an additional 20,441 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in Canadian Imperial Bank of Commerce were worth $24,680,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Operose Advisors LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth about $26,000. HM Payson & Co. purchased a new position in Canadian Imperial Bank of Commerce in the 1st quarter worth about $29,000. TruNorth Capital Management LLC increased its stake in Canadian Imperial Bank of Commerce by 156.0% in the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock worth $29,000 after buying an additional 312 shares during the period. Private Trust Co. NA increased its stake in Canadian Imperial Bank of Commerce by 40.0% in the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank's stock worth $44,000 after buying an additional 223 shares during the period. Finally, Farther Finance Advisors LLC increased its stake in Canadian Imperial Bank of Commerce by 51.1% in the 1st quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock worth $51,000 after buying an additional 305 shares during the period. Institutional investors own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CM shares. Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a "sector outperform" rating on the stock. Royal Bank Of Canada raised their price target on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Finally, Wall Street Zen downgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Stock Down 0.0%

Shares of Canadian Imperial Bank of Commerce stock traded down $0.04 on Wednesday, reaching $72.46. The stock had a trading volume of 608,354 shares, compared to its average volume of 1,165,369. The company has a 50 day moving average price of $70.37 and a 200 day moving average price of $63.86. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. Canadian Imperial Bank of Commerce has a 1 year low of $47.55 and a 1 year high of $74.63. The stock has a market capitalization of $67.49 billion, a P/E ratio of 12.73, a P/E/G ratio of 1.60 and a beta of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The company's quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.75 EPS. As a group, equities 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 business also recently announced a quarterly dividend, which was paid on Monday, July 28th. Shareholders of record on Friday, June 27th were given a dividend of $0.7024 per share. This represents a $2.81 annualized dividend and a yield of 3.88%. The ex-dividend date was Friday, June 27th. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's payout ratio is currently 49.56%.

About Canadian Imperial Bank of Commerce

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.