Zurcher Kantonalbank Zurich Cantonalbank Purchases 894,035 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank significantly increased its stake in Canadian Imperial Bank of Commerce (CIBC) by 223.7% in Q1, now holding over 1.29 million shares valued at approximately $72.77 million.
• Recent ratings from analysts show a mix of sentiments, with one analyst downgrading the stock to a "sell" and a target price adjustment from BMO Capital Markets increasing the price target to $102.00.
• The Canadian Imperial Bank of Commerce announced a quarterly dividend increase to $0.7024 per share, reflecting an annual yield of 3.80% as of the last payment date.

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 223.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,293,763 shares of the bank's stock after purchasing an additional 894,035 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.14% of Canadian Imperial Bank of Commerce worth $72,767,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CM. Operose Advisors LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $26,000. TruNorth Capital Management LLC increased its position in shares of Canadian Imperial Bank of Commerce by 156.0% during the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after purchasing an additional 312 shares during the last quarter. HM Payson & Co. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at $29,000. Private Trust Co. NA increased its position in shares of Canadian Imperial Bank of Commerce by 40.0% during the 1st 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. Finally, Farther Finance Advisors LLC increased its position in shares of Canadian Imperial Bank of Commerce by 51.1% during the 1st quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock valued at $51,000 after purchasing an additional 305 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded down $0.14 during mid-day trading on Wednesday, hitting $72.36. The company had a trading volume of 822,396 shares, compared to its average volume of 1,167,589. The company has a market capitalization of $67.40 billion, a price-to-earnings ratio of 12.71, a P/E/G ratio of 1.60 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 1 year low of $47.55 and a 1 year high of $74.63. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. The stock's 50-day moving average price is $70.37 and its 200-day moving average price is $63.86.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, topping the consensus estimate of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The business had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same quarter last year, the company earned $1.75 EPS. The firm's revenue was up 13.9% compared to the same quarter last year. On average, sell-side 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 announced a quarterly dividend, which was paid on Monday, July 28th. Shareholders of record on Friday, June 27th were paid a $0.7024 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.81 annualized dividend and a yield of 3.88%. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 49.56%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. BMO Capital Markets raised their target price 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. Royal Bank Of Canada raised their target price on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Jefferies Financial Group lowered Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. Wall Street Zen lowered Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Finally, National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Hold" and an average price target of $109.00.

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.