Canadian Imperial Bank of Commerce (NYSE:CM) Shares Bought by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has increased its stake in Canadian Imperial Bank of Commerce by 1.6%, acquiring an additional 642,924 shares, bringing its total ownership to approximately 40 million shares valued at about $2.25 billion.
• Canadian Imperial Bank of Commerce reported earnings of $1.44 per share for the last quarter, exceeding analyst estimates, and experienced a 13.9% year-over-year increase in revenue.
• The bank also declared a quarterly dividend of $0.7024 per share, marking an increase from its previous dividend, resulting in an annualized dividend yield of 3.9%.

Vanguard Group Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 1.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 40,028,162 shares of the bank's stock after acquiring an additional 642,924 shares during the period. Vanguard Group Inc. owned approximately 4.26% of Canadian Imperial Bank of Commerce worth $2,251,664,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CM. Operose Advisors LLC bought a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at about $26,000. TruNorth Capital Management LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 156.0% in the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock worth $29,000 after acquiring an additional 312 shares during the last quarter. HM Payson & Co. bought a new position in shares of Canadian Imperial Bank of Commerce in the first quarter worth about $29,000. Private Trust Co. NA raised its stake in shares of Canadian Imperial Bank of Commerce by 40.0% in the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock worth $44,000 after acquiring an additional 223 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 51.1% in the first quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock worth $51,000 after acquiring an additional 305 shares during the last quarter. 49.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CM has been the subject of a number of research analyst reports. BMO Capital Markets boosted their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. 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. Finally, Royal Bank Of Canada boosted their price target on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock traded up $0.35 during midday trading on Tuesday, reaching $73.10. The stock had a trading volume of 858,812 shares, compared to its average volume of 1,337,978. Canadian Imperial Bank of Commerce has a 12 month low of $50.83 and a 12 month high of $74.63. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $68.09 billion, a PE ratio of 12.85, a P/E/G ratio of 1.58 and a beta of 1.06. The firm's 50-day moving average price is $71.16 and its 200 day moving average price is $64.46.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same quarter in the prior year, the company earned $1.75 earnings per share. The firm's revenue for the quarter was up 13.9% on a year-over-year basis. As a group, 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 announced a quarterly dividend, which was paid on Monday, July 28th. Investors of record on Friday, June 27th were paid a dividend of $0.7024 per share. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.81 annualized dividend and a yield of 3.8%. Canadian Imperial Bank of Commerce's dividend payout ratio is 49.56%.

Canadian Imperial Bank of Commerce 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.