TD Waterhouse Canada Inc. Grows Holdings in Canadian Imperial Bank of Commerce $CM

Key Points

• TD Waterhouse Canada increased its CIBC holdings by 4.1% in the second quarter, adding 337,620 shares for a total of 8.48 million shares valued at approximately $985.2 million.
• CIBC reported quarterly EPS of $1.96, exceeding estimates of $1.80, while revenue reached $5.97 billion versus the $5.74 billion consensus forecast.
• CIBC’s stock was recently priced at $118.20, and the bank declared a quarterly dividend of $1.07, equivalent to a 3.6% annualized yield. Analysts maintain a “Moderate Buy” consensus with a $167 target price.

TD Waterhouse Canada Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 4.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,475,369 shares of the bank's stock after acquiring an additional 337,620 shares during the period. Canadian Imperial Bank of Commerce makes up 2.6% of TD Waterhouse Canada Inc.'s holdings, making the stock its 6th biggest holding. TD Waterhouse Canada Inc. owned 0.93% of Canadian Imperial Bank of Commerce worth $985,227,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Larson Financial Group LLC boosted its stake in Canadian Imperial Bank of Commerce by 119.7% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank's stock valued at $32,000 after purchasing an additional 219 shares during the last quarter. EFG International AG bought a new stake in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $35,000. Bell Investment Advisors Inc purchased a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter worth approximately $36,000. Global Assets Advisory LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter worth approximately $54,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings in shares of Canadian Imperial Bank of Commerce by 87.0% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank's stock valued at $69,000 after purchasing an additional 400 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Up 2.2%

Canadian Imperial Bank of Commerce stock opened at $118.20 on Friday. The firm has a 50 day moving average price of $117.52 and a 200-day moving average price of $109.60. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a twelve month low of $77.66 and a twelve month high of $124.86. The company has a market capitalization of $107.90 billion, a P/E ratio of 15.78, a P/E/G ratio of 1.17 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, August 27th. The bank reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. The company had revenue of $5.97 billion for the quarter, compared to analysts' expectations of $5.74 billion. As a group, equities analysts predict that Canadian Imperial Bank of Commerce will post 7.41 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th will be given a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Monday, September 28th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 41.39%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. TD Securities reaffirmed a "buy" rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th. Royal Bank Of Canada reissued an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 28th. Jefferies Financial Group restated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, August 27th. Finally, Scotiabank reiterated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $167.00.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

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