Wellington Management Group LLP Has $10.97 Million Stock Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Wellington Management Group LLP reduced its holdings in Canadian Imperial Bank of Commerce by 7.2%, now owning approximately $10.97 million worth of stock after selling 15,100 shares in the first quarter.
• The bank reported a quarterly earnings per share of $1.44, exceeding analysts' expectations of $1.34, with total revenue reaching $5.09 billion, a 13.9% increase year-over-year.
• Canadian Imperial Bank of Commerce announced an increase in its quarterly dividend from $0.67 to $0.7024, reflecting a 3.7% annual yield and a payout ratio of 49.56%.

Wellington Management Group LLP lowered its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 7.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 195,027 shares of the bank's stock after selling 15,100 shares during the period. Wellington Management Group LLP's holdings in Canadian Imperial Bank of Commerce were worth $10,969,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Aviso Financial Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 7.0% in the 1st quarter. Aviso Financial Inc. now owns 684,523 shares of the bank's stock valued at $38,521,000 after purchasing an additional 45,011 shares during the period. Northern Trust Corp boosted its holdings in Canadian Imperial Bank of Commerce by 16.2% in the 1st quarter. Northern Trust Corp now owns 728,401 shares of the bank's stock valued at $41,009,000 after purchasing an additional 101,549 shares during the period. Versor Investments LP boosted its holdings in Canadian Imperial Bank of Commerce by 19.6% in the 1st quarter. Versor Investments LP now owns 23,753 shares of the bank's stock valued at $1,336,000 after purchasing an additional 3,897 shares during the period. Algert Global LLC boosted its holdings in Canadian Imperial Bank of Commerce by 22.2% in the 1st quarter. Algert Global LLC now owns 28,806 shares of the bank's stock valued at $1,622,000 after purchasing an additional 5,229 shares during the period. Finally, Northwest & Ethical Investments L.P. boosted its holdings in Canadian Imperial Bank of Commerce by 22.5% in the 1st quarter. Northwest & Ethical Investments L.P. now owns 204,355 shares of the bank's stock valued at $11,502,000 after purchasing an additional 37,529 shares during the period. Institutional investors own 49.88% of the company's stock.

Analyst Ratings Changes

CM has been the subject of a number of recent analyst reports. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Scotiabank initiated coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating for the company. National Bank Financial downgraded shares of 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 shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Finally, Royal Bank Of Canada upped their price target on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a report on Friday. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and an average target price of $107.50.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM traded down $0.09 on Tuesday, hitting $77.20. The company had a trading volume of 1,150,471 shares, compared to its average volume of 1,303,942. The stock has a market capitalization of $71.76 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 1.68 and a beta of 1.03. The company has a current ratio of 1.04, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a 50 day moving average of $73.01 and a two-hundred day moving average of $65.78. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $77.73.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. The business had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The firm's revenue was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.93 EPS. On average, research 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. Investors of record on Monday, September 29th will be paid a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Monday, September 29th. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's payout ratio is currently 47.64%.

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.