Canadian Imperial Bank of Commerce $CM Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its holdings in Canadian Imperial Bank of Commerce by 20.8%, selling 836,532 shares to end the quarter with 3,194,584 shares valued at $180.7 million.
• Canadian Imperial Bank of Commerce recently reported $1.57 EPS for the quarter, exceeding analyst estimates, with a revenue of $5.24 billion.
• The bank announced an increase in its quarterly dividend from $0.70 to $0.97, resulting in an annualized yield of 5.0% for shareholders of record.

The Manufacturers Life Insurance Company lowered its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 20.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,194,584 shares of the bank's stock after selling 836,532 shares during the quarter. The Manufacturers Life Insurance Company owned 0.34% of Canadian Imperial Bank of Commerce worth $180,685,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. American Century Companies Inc. grew its position in Canadian Imperial Bank of Commerce by 5.3% during the first quarter. American Century Companies Inc. now owns 315,078 shares of the bank's stock valued at $17,724,000 after buying an additional 15,867 shares during the period. Hudson Value Partners LLC acquired a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at $708,000. MQS Management LLC acquired a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at $536,000. Cerity Partners LLC grew its position in Canadian Imperial Bank of Commerce by 110.7% during the first quarter. Cerity Partners LLC now owns 32,559 shares of the bank's stock valued at $1,833,000 after buying an additional 17,103 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Canadian Imperial Bank of Commerce by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 878,426 shares of the bank's stock valued at $49,455,000 after purchasing an additional 9,623 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Wall Street Analyst Weigh In

CM has been the topic of several recent analyst reports. National Bank Financial downgraded 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 research note on Saturday, August 9th. Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating on the stock. BMO Capital Markets lifted their price target 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, Royal Bank Of Canada lifted their price target 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. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Stock Up 0.1%

Shares of NYSE:CM traded up $0.11 during trading on Thursday, hitting $78.55. 233,106 shares of the company were exchanged, compared to its average volume of 1,194,336. The firm's 50 day moving average price is $73.18 and its 200-day moving average price is $65.87. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $78.93. The stock has a market capitalization of $73.01 billion, a P/E ratio of 13.27, a PEG ratio of 1.68 and a beta of 1.03. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The firm had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.12 billion. During the same quarter in the prior year, the firm earned $1.93 EPS. Canadian Imperial Bank of Commerce's revenue for the quarter was up 3.3% on a year-over-year basis. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm 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 $0.97 dividend. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date is Monday, September 29th. This represents a $3.88 annualized dividend and a yield of 4.9%. Canadian Imperial Bank of Commerce's payout ratio is currently 47.30%.

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.