Sustainable Insight Capital Management LLC Buys 34,997 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• Sustainable Insight Capital Management LLC increased its stake in Canadian Imperial Bank of Commerce by 507.2%, now holding a total of 41,897 shares worth approximately $2.36 million.
• Canadian Imperial Bank of Commerce recently announced a dividend increase to $0.7024 per share, representing an annual yield of 3.9%.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Canadian Imperial Bank of Commerce, with target prices ranging from $98.00 to $116.00.

Sustainable Insight Capital Management LLC increased its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 507.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,897 shares of the bank's stock after buying an additional 34,997 shares during the period. Canadian Imperial Bank of Commerce accounts for about 1.2% of Sustainable Insight Capital Management LLC's investment portfolio, making the stock its 26th biggest position. Sustainable Insight Capital Management LLC's holdings in Canadian Imperial Bank of Commerce were worth $2,357,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $24,997,000. Townsquare Capital LLC purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $238,000. Barclays PLC raised its position in Canadian Imperial Bank of Commerce by 106.4% during 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 period. Mariner LLC raised its position in Canadian Imperial Bank of Commerce by 3.8% during 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 period. Finally, XTX Topco Ltd purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $442,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Down 0.0%

NYSE:CM traded down $0.01 during midday trading on Friday, hitting $73.82. The stock had a trading volume of 943,475 shares, compared to its average volume of 1,369,016. Canadian Imperial Bank of Commerce has a one year low of $51.55 and a one year high of $74.63. The company has a market capitalization of $68.61 billion, a price-to-earnings ratio of 12.97, a PEG ratio of 1.60 and a beta of 1.06. The stock has a 50-day moving average of $71.58 and a 200 day moving average of $64.71. 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 (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) 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 company had revenue of $5.09 billion for the quarter, compared to analysts' expectations of $4.78 billion. During the same quarter in the prior year, the firm earned $1.75 earnings per share. Canadian Imperial Bank of Commerce's revenue was up 13.9% compared to the same quarter last year. As a group, sell-side 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 is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.81 annualized dividend and a yield of 3.8%. Canadian Imperial Bank of Commerce's payout ratio is 49.56%.

Analyst Ratings Changes

CM has been the topic of a number of recent research reports. Scotiabank initiated coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating on the stock. 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. 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 report on Friday, May 30th. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $109.00.

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.