Summit Global Investments Trims Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Summit Global Investments decreased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 66.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,607 shares of the bank's stock after selling 15,317 shares during the quarter. Summit Global Investments' holdings in Canadian Imperial Bank of Commerce were worth $428,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its position in shares of Canadian Imperial Bank of Commerce by 6.1% in the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock valued at $359,320,000 after acquiring an additional 334,545 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Canadian Imperial Bank of Commerce by 12.6% in the fourth quarter. Rhumbline Advisers now owns 3,622 shares of the bank's stock valued at $229,000 after acquiring an additional 404 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 8.5% in the fourth quarter. American Century Companies Inc. now owns 299,211 shares of the bank's stock valued at $18,927,000 after acquiring an additional 23,403 shares in the last quarter. Capital International Investors purchased a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $424,386,000. Finally, Mackenzie Financial Corp lifted its position in shares of Canadian Imperial Bank of Commerce by 41.1% in the fourth 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 in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, May 24th. 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 lifted their price objective 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. Finally, National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and an average price target of $109.00.

Canadian Imperial Bank of Commerce Trading Up 0.6%

CM stock traded up $0.39 during midday trading on Thursday, hitting $68.25. 136,375 shares of the company's stock were exchanged, compared to its average volume of 1,123,345. The business has a 50-day simple moving average of $62.20 and a two-hundred day simple moving average of $62.08. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $64.16 billion, a PE ratio of 12.76, a P/E/G ratio of 1.62 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 1-year low of $46.99 and a 1-year high of $69.88.

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 for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 14.01% and a net margin of 11.10%. The business had revenue of $5.09 billion during the quarter, compared to analysts' expectations of $4.78 billion. During the same period in the previous year, the firm posted $1.75 earnings per share. The company's revenue was up 13.9% on a year-over-year basis. On average, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be paid a dividend of $0.7024 per share. This represents a $2.81 annualized dividend and a yield of 4.12%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date is Friday, June 27th. Canadian Imperial Bank of Commerce's payout ratio is presently 49.56%.

Canadian Imperial Bank of Commerce 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.