Zurcher Kantonalbank Zurich Cantonalbank Purchases 162,292 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• Zurcher Kantonalbank increased its CIBC holding by 10% in Q4, buying 162,292 shares to own 1,781,516 shares (about $161.7 million), roughly 0.19% of the bank.
• CIBC topped Q4 estimates with EPS of $1.99 vs. $1.74 expected and revenue of $6.16B vs. $5.53B, with revenue up 15.3% year-over-year.
• The bank announced a quarterly dividend of $1.07 (annualized $4.28) for a 3.9% yield; the ex-dividend date is March 27 and payment date is April 28.

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 10.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,781,516 shares of the bank's stock after buying an additional 162,292 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.19% of Canadian Imperial Bank of Commerce worth $161,718,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. CIBC Bancorp USA Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter worth about $11,217,000. JARISLOWSKY FRASER Ltd lifted its holdings in Canadian Imperial Bank of Commerce by 21.3% in the 3rd quarter. JARISLOWSKY FRASER Ltd now owns 55,674 shares of the bank's stock worth $4,450,000 after purchasing an additional 9,771 shares in the last quarter. Cidel Asset Management Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 12.2% in the 3rd quarter. Cidel Asset Management Inc. now owns 508,370 shares of the bank's stock worth $40,632,000 after purchasing an additional 55,138 shares in the last quarter. Mackenzie Financial Corp boosted its stake in Canadian Imperial Bank of Commerce by 1.1% in the 3rd quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank's stock worth $509,763,000 after purchasing an additional 67,738 shares during the period. Finally, Fisher Asset Management LLC boosted its stake in Canadian Imperial Bank of Commerce by 34.8% in the 3rd quarter. Fisher Asset Management LLC now owns 1,686,816 shares of the bank's stock worth $134,760,000 after purchasing an additional 435,799 shares during the period. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $109.12 on Monday. The firm has a market cap of $100.20 billion, a PE ratio of 15.91, a PEG ratio of 1.13 and a beta of 1.00. The stock has a 50 day moving average of $98.73 and a 200 day moving average of $91.73. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. Canadian Imperial Bank of Commerce has a 12 month low of $58.00 and a 12 month high of $110.27.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.25. The business had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $5.53 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The company's revenue for the quarter was up 15.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.20 EPS. On average, research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th will be given a dividend of $1.07 per share. The ex-dividend date is Friday, March 27th. This represents a $4.28 annualized dividend and a yield of 3.9%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 45.77%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Zacks Research upgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 4th. Weiss Ratings lowered shares of Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Friday. Finally, Barclays raised shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research note on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $107.50.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

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