Wellington Management Group LLP Takes Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Wellington Management Group initiated a position in Canadian Imperial Bank of Commerce, purchasing 82,604 shares valued at approximately $9.5 million. Institutional investors and hedge funds collectively own 49.88% of the bank’s stock.
• CIBC exceeded quarterly expectations, reporting earnings of $1.96 per share versus the $1.80 consensus and revenue of $5.97 billion versus $5.74 billion expected.
• The bank declared a quarterly dividend of $1.07 per share, equivalent to an annualized $4.28 payout and a 3.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $167.

Wellington Management Group LLP purchased a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 82,604 shares of the bank's stock, valued at approximately $9,509,000.

A number of other large investors also recently added to or reduced their stakes in CM. Larson Financial Group LLC increased its position in shares of Canadian Imperial Bank of Commerce by 119.7% during the third quarter. Larson Financial Group LLC now owns 402 shares of the bank's stock worth $32,000 after purchasing an additional 219 shares in the last quarter. EFG International AG purchased a new stake in Canadian Imperial Bank of Commerce during the 4th quarter valued at about $35,000. Bell Investment Advisors Inc purchased a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $36,000. Global Assets Advisory LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter valued at approximately $54,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA grew its position in shares of Canadian Imperial Bank of Commerce by 87.0% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank's stock valued at $69,000 after purchasing an additional 400 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Down 0.6%

Shares of CM opened at $116.83 on Wednesday. The company's 50-day moving average price is $117.71 and its 200 day moving average price is $110.04. Canadian Imperial Bank of Commerce has a 12-month low of $77.95 and a 12-month high of $124.86. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The firm has a market cap of $106.64 billion, a P/E ratio of 15.60, a price-to-earnings-growth ratio of 1.19 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates of $1.80 by $0.16. The business had revenue of $5.97 billion during the quarter, compared to analysts' expectations of $5.74 billion. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. On average, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Monday, September 28th will be issued a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 3.7%. The ex-dividend date is Monday, September 28th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 41.26%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods started coverage on Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They set a "market perform" rating on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 28th. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, August 27th. Scotiabank reissued an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Finally, Desjardins lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a Canadian financial institution headquartered in Toronto, Ontario. The bank provides a broad range of financial products and services to individuals, businesses, institutions and government clients.

CIBC's principal activities include personal and commercial banking, wealth management, investment banking and capital markets services. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment advice, brokerage services, asset management, and corporate finance and advisory services.

The bank serves clients primarily in Canada and the United States through its Canadian banking operations, U.S.

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