Canadian Imperial Bank of Commerce $CM Shares Sold by State of Wyoming

Key Points

• The State of Wyoming reduced its holdings in Canadian Imperial Bank of Commerce by 52.2% in the 1st quarter, now owning 6,518 shares valued at approximately $367,000.
• Canadian Imperial Bank of Commerce recently reported earnings of $1.57 per share, surpassing estimates and achieving a net margin of 12.94% and a return on equity of 14.67%.
• The bank has announced an increase in its quarterly dividend to $0.97, representing a yield of 5.0% for investors of record.

State of Wyoming decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 52.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,518 shares of the bank's stock after selling 7,122 shares during the quarter. State of Wyoming's holdings in Canadian Imperial Bank of Commerce were worth $367,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Canadian Imperial Bank of Commerce by 1.6% during the first quarter. Vanguard Group Inc. now owns 40,028,162 shares of the bank's stock worth $2,251,664,000 after purchasing an additional 642,924 shares in the last quarter. Toronto Dominion Bank raised its holdings in Canadian Imperial Bank of Commerce by 1.1% during the fourth quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock worth $1,398,619,000 after purchasing an additional 234,088 shares in the last quarter. Bank of Nova Scotia raised its holdings in Canadian Imperial Bank of Commerce by 4.5% during the first quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank's stock worth $1,010,849,000 after purchasing an additional 773,174 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Canadian Imperial Bank of Commerce by 31.6% in the 1st quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock valued at $595,762,000 after acquiring an additional 2,538,808 shares during the period. Finally, Mackenzie Financial Corp increased its holdings in shares of Canadian Imperial Bank of Commerce by 41.1% in the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock valued at $431,952,000 after acquiring an additional 1,990,520 shares during the period. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Up 1.4%

Shares of Canadian Imperial Bank of Commerce stock traded up $1.11 on Wednesday, hitting $78.36. 1,229,392 shares of the company's stock traded hands, compared to its average volume of 1,303,942. The stock has a market cap of $72.84 billion, a P/E ratio of 13.24, a PEG ratio of 1.68 and a beta of 1.03. The company has a quick ratio of 1.05, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. The firm's 50-day moving average is $73.18 and its 200 day moving average is $65.87. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $78.44.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. The business had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The business's revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.93 EPS. Equities 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 will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be given a dividend of $0.97 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $3.88 annualized dividend and a dividend yield of 5.0%. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 47.64%.

Wall Street Analysts Forecast Growth

CM has been the topic of a number of recent research reports. BMO Capital Markets lifted 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 report on Friday, May 30th. National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Royal Bank Of Canada lifted their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a research report on Friday, August 29th. Finally, Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $107.50.

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.