Virtu Financial LLC Acquires Shares of 3,827 Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• Virtu Financial LLC has acquired 3,827 shares of Canadian Imperial Bank of Commerce (NYSE:CM) valued at approximately $215,000 during the first quarter.
• Several institutional investors are increasing their stakes in CIBC, with notable purchases including Raymond James Financial's new position valued at $24.99 million.
• The quarterly earnings report showed a significant increase in revenue to $5.09 billion, surpassing analyst estimates, alongside a dividend increase to $0.7024 per share.

Virtu Financial LLC acquired a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,827 shares of the bank's stock, valued at approximately $215,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CM. Raymond James Financial Inc. purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at $24,997,000. Townsquare Capital LLC purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at $238,000. Barclays PLC increased its holdings in Canadian Imperial Bank of Commerce by 106.4% in the fourth quarter. Barclays PLC now owns 49,885 shares of the bank's stock valued at $3,154,000 after buying an additional 25,712 shares in the last quarter. Mariner LLC increased its holdings in Canadian Imperial Bank of Commerce by 3.8% in the fourth quarter. Mariner LLC now owns 34,588 shares of the bank's stock valued at $2,187,000 after buying an additional 1,272 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at about $442,000. Hedge funds and other institutional investors own 49.88% of the company's stock.

Analysts Set New Price Targets

CM has been the topic of several research analyst reports. Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. BMO Capital Markets lifted their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company 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. Scotiabank initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. Finally, National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and a consensus target price of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

CM opened at $73.82 on Friday. The firm has a market capitalization of $68.61 billion, a PE ratio of 12.97, a PEG ratio of 1.60 and a beta of 1.06. Canadian Imperial Bank of Commerce has a twelve month low of $51.55 and a twelve month high of $74.63. The firm's 50-day moving average price is $71.58 and its 200 day moving average price is $64.71. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly 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. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. Canadian Imperial Bank of Commerce's quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.75 earnings per share. As a group, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 28th. Investors of record on Friday, June 27th were given a dividend of $0.7024 per share. The ex-dividend date was Friday, June 27th. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 dividend on an annualized basis and a yield of 3.8%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 49.56%.

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.

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