UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Sells 250,169 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• UBS Asset Management reduced its stake in Canadian Imperial Bank of Commerce by 21.2%, selling 250,169 shares in the first quarter, and now holds a position worth approximately $52.31 million.
• Canadian Imperial Bank of Commerce has declared an increased quarterly dividend of $0.97, up from $0.70, representing an annual yield of 4.9%.
• Despite recent adjustments from analysts, Canadian Imperial Bank of Commerce maintains a consensus rating of "Moderate Buy" with a target price of $107.50.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC trimmed its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 21.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 929,178 shares of the bank's stock after selling 250,169 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 0.10% of Canadian Imperial Bank of Commerce worth $52,313,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CM. Ameriprise Financial Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 2.3% during the fourth quarter. Ameriprise Financial Inc. now owns 29,735 shares of the bank's stock valued at $1,880,000 after purchasing an additional 663 shares in the last quarter. Focus Partners Wealth lifted its holdings in shares of Canadian Imperial Bank of Commerce by 18.5% during the fourth quarter. Focus Partners Wealth now owns 7,401 shares of the bank's stock valued at $468,000 after purchasing an additional 1,155 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 0.3% during the fourth quarter. Nuveen Asset Management LLC now owns 1,085,906 shares of the bank's stock valued at $68,656,000 after purchasing an additional 2,802 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Canadian Imperial Bank of Commerce by 5.7% during the fourth quarter. Quantinno Capital Management LP now owns 38,357 shares of the bank's stock valued at $2,425,000 after purchasing an additional 2,065 shares in the last quarter. Finally, Vise Technologies Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 30.0% during the fourth quarter. Vise Technologies Inc. now owns 19,805 shares of the bank's stock valued at $1,252,000 after purchasing an additional 4,566 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded up $1.13 during trading on Friday, hitting $81.57. The company had a trading volume of 1,144,451 shares, compared to its average volume of 1,217,377. The stock has a 50 day simple moving average of $75.02 and a 200 day simple moving average of $67.42. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $81.66. The firm has a market capitalization of $75.83 billion, a P/E ratio of 13.78, a price-to-earnings-growth ratio of 1.74 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.12 billion. During the same quarter last year, the company earned $1.93 earnings per share. The business's revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be paid a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 4.8%. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is 47.64%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CM. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. BMO Capital Markets upped their price target on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Royal Bank Of Canada increased their target price on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a report on Friday, August 29th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Company 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.