Trans Canada Capital Inc. Takes Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Trans Canada Capital acquired 65,790 CIBC shares worth approximately $7.6 million during the second quarter, making the bank its 17th-largest portfolio holding. Institutional investors and hedge funds collectively own 49.88% of CIBC.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $167, despite ratings ranging from Hold to Strong Buy.
• CIBC exceeded quarterly earnings expectations, reporting $1.96 in EPS and $5.97 billion in revenue. The bank also declared a quarterly dividend of $1.07, equivalent to a 3.6% annualized yield.

Trans Canada Capital Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 65,790 shares of the bank's stock, valued at approximately $7,623,000. Canadian Imperial Bank of Commerce makes up 0.4% of Trans Canada Capital Inc.'s investment portfolio, making the stock its 17th biggest position.

Several other institutional investors have also bought and sold shares of the stock. Sivia Capital Partners LLC acquired a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $262,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 12.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank's stock valued at $128,000 after acquiring an additional 193 shares in the last quarter. Brown Advisory Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 2.6% in the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank's stock valued at $445,000 after acquiring an additional 160 shares in the last quarter. Qube Research & Technologies Ltd increased its stake in shares of Canadian Imperial Bank of Commerce by 74.6% during the second quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank's stock valued at $23,833,000 after acquiring an additional 143,588 shares during the period. Finally, NewEdge Advisors LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 7,315.0% during the second quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank's stock valued at $210,000 after acquiring an additional 2,926 shares during the period. Institutional investors and hedge funds own 49.88% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Raymond James Financial restated a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Weiss Ratings raised Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Thursday, August 27th. Jefferies Financial Group restated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Desjardins cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Finally, TD Securities reaffirmed a "buy" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $117.66 on Monday. The firm's 50 day simple moving average is $117.60 and its 200-day simple moving average is $109.75. The company has a market cap of $107.40 billion, a P/E ratio of 15.71, a price-to-earnings-growth ratio of 1.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a fifty-two week low of $77.66 and a fifty-two week high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, August 27th. The bank reported $1.96 EPS for the quarter, beating the consensus estimate 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 business had revenue of $5.97 billion during the quarter, compared to the consensus estimate of $5.74 billion. As a group, equities research 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 firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Monday, September 28th will be issued a $1.07 dividend. The ex-dividend date is Monday, September 28th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.6%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 41.39%.

Canadian Imperial Bank of Commerce Company Profile

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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