46,575 Shares in Canadian Imperial Bank of Commerce (NYSE:CM) Purchased by Zions Bancorporation National Association UT

Key Points

• Zions Bancorporation National Association acquired 46,575 shares of Canadian Imperial Bank of Commerce, valued at approximately $2.62 million, in its first-quarter investment.
• The Canadian Imperial Bank of Commerce reported a quarterly earnings per share (EPS) of $1.44, exceeding expectations, with a revenue of $5.09 billion, marking a 13.9% increase year-over-year.
• The bank has increased its quarterly dividend to $0.7024, reflecting an annualized yield of 3.9% and a dividend payout ratio of 49.56%.

Zions Bancorporation National Association UT bought a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 46,575 shares of the bank's stock, valued at approximately $2,622,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Gradient Investments LLC lifted its stake in Canadian Imperial Bank of Commerce by 2.4% in the 1st quarter. Gradient Investments LLC now owns 8,278 shares of the bank's stock valued at $466,000 after buying an additional 191 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 4.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock valued at $255,000 after buying an additional 194 shares in the last quarter. Private Trust Co. NA boosted its holdings in 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 valued at $44,000 after purchasing an additional 223 shares during the last quarter. PDS Planning Inc boosted its holdings in Canadian Imperial Bank of Commerce by 5.2% in the first quarter. PDS Planning Inc now owns 5,438 shares of the bank's stock valued at $306,000 after purchasing an additional 271 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Canadian Imperial Bank of Commerce by 51.1% in the 1st quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock worth $51,000 after acquiring an additional 305 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CM shares. BMO Capital Markets boosted their price objective on 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. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday. Scotiabank initiated coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Finally, National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM traded up $0.68 during trading on Friday, hitting $72.64. 1,121,051 shares of the company were exchanged, compared to its average volume of 1,342,344. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. Canadian Imperial Bank of Commerce has a 1-year low of $50.49 and a 1-year high of $74.63. The company has a market capitalization of $67.67 billion, a P/E ratio of 12.77, a price-to-earnings-growth ratio of 1.58 and a beta of 1.06. The business's 50 day moving average is $71.06 and its 200-day moving average is $64.39.

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. The company 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%. The firm's revenue was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.75 EPS. Equities analysts forecast 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 was paid on Monday, July 28th. Stockholders of record on Friday, June 27th were given a dividend of $0.7024 per share. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date was Friday, June 27th. This represents a $2.81 annualized dividend and a dividend yield of 3.9%. Canadian Imperial Bank of Commerce's dividend payout ratio is 49.56%.

About Canadian Imperial Bank of Commerce

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.