Versor Investments LP Purchases 3,897 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• Versor Investments LP has increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM) by 19.6%, owning 23,753 shares valued at approximately $1.34 million.
• The bank reported earnings of $1.44 per share for the last quarter, exceeding analysts' estimates, with quarterly revenue increasing 13.9% year-over-year.
• Canadian Imperial Bank of Commerce recently raised its quarterly dividend to $0.7024 per share, reflecting an annualized yield of 3.8%.

Versor Investments LP grew its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 19.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,753 shares of the bank's stock after buying an additional 3,897 shares during the quarter. Versor Investments LP's holdings in Canadian Imperial Bank of Commerce were worth $1,336,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 40,028,162 shares of the bank's stock valued at $2,251,664,000 after buying an additional 642,924 shares in the last quarter. Toronto Dominion Bank raised its position in shares of Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock valued at $1,398,619,000 after buying an additional 234,088 shares in the last quarter. Bank of Nova Scotia raised its position in shares of Canadian Imperial Bank of Commerce by 4.5% in the 1st quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank's stock valued at $1,010,849,000 after buying an additional 773,174 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Canadian Imperial Bank of Commerce by 31.6% in the 1st quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock valued at $595,762,000 after buying an additional 2,538,808 shares in the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Canadian Imperial Bank of Commerce by 41.1% in the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock valued at $431,952,000 after buying an additional 1,990,520 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

CM stock traded up $0.0950 during trading on Friday, reaching $73.1650. 1,508,258 shares of the company were exchanged, compared to its average volume of 1,174,303. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $74.63. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $68.01 billion, a price-to-earnings ratio of 12.86, a P/E/G ratio of 1.60 and a beta of 1.06. The company has a 50-day moving average of $72.07 and a two-hundred day moving average of $65.08.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same period in the previous year, the firm posted $1.75 EPS. The company's revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, equities 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. Shareholders of record on Friday, June 27th were issued a dividend of $0.7024 per share. This represents a $2.81 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Friday, June 27th. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's payout ratio is presently 49.56%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Royal Bank Of Canada upped their price objective on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Finally, BMO Capital Markets upped their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and an average target price of $109.00.

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.