Vanguard Group Inc. Buys 876,974 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• Vanguard Group increased its stake in Canadian Imperial Bank of Commerce by 2.1% in Q4, buying 876,974 shares to hold 43,097,841 shares (about 4.65%) valued at $3.907 billion.
• CIBC beat expectations in the quarter with EPS of $1.99 vs. $1.74 consensus and revenue of $6.16 billion (up 15.3% YoY), while reporting a 15.69% return on equity and a 15.15% net margin.
• The bank announced a quarterly dividend of $1.07 (annualized $4.28) for a 3.9% yield, payable April 28 with record/ex-dividend date on March 27.

Vanguard Group Inc. boosted its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 2.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,097,841 shares of the bank's stock after purchasing an additional 876,974 shares during the quarter. Vanguard Group Inc. owned about 4.65% of Canadian Imperial Bank of Commerce worth $3,907,078,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CM. CIBC Bancorp USA Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter worth about $11,217,000. JARISLOWSKY FRASER Ltd raised its position in Canadian Imperial Bank of Commerce by 21.3% in the 3rd quarter. JARISLOWSKY FRASER Ltd now owns 55,674 shares of the bank's stock valued at $4,450,000 after buying an additional 9,771 shares during the last quarter. Mackenzie Financial Corp raised its position in Canadian Imperial Bank of Commerce by 1.1% in the 3rd quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank's stock valued at $509,763,000 after buying an additional 67,738 shares during the last quarter. Cidel Asset Management Inc. raised its position in Canadian Imperial Bank of Commerce by 12.2% in the 3rd quarter. Cidel Asset Management Inc. now owns 508,370 shares of the bank's stock valued at $40,632,000 after buying an additional 55,138 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in Canadian Imperial Bank of Commerce by 34.8% in the 3rd quarter. Fisher Asset Management LLC now owns 1,686,816 shares of the bank's stock valued at $134,760,000 after buying an additional 435,799 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM opened at $110.49 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. Canadian Imperial Bank of Commerce has a 12 month low of $61.23 and a 12 month high of $110.91. The stock has a 50 day moving average of $100.25 and a 200-day moving average of $92.93. The company has a market capitalization of $101.46 billion, a P/E ratio of 16.11, a P/E/G ratio of 1.13 and a beta of 1.00.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, February 26th. The bank reported $1.99 EPS for the quarter, topping the consensus estimate of $1.74 by $0.25. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $5.53 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The firm's revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.20 EPS. As a group, equities research analysts predict that Canadian Imperial Bank of Commerce will post 7.51 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th will be issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Friday, March 27th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 45.77%.

Analysts Set New Price Targets

CM has been the topic of a number of recent research reports. Zacks Research raised Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 4th. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday, April 17th. Finally, Barclays upgraded Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research note on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of "Moderate Buy" and a consensus price target of $107.50.

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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