American Century Companies Inc. Acquires 60,693 Shares of Canadian Imperial Bank of Commerce $CM

American Century Companies Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 17.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 409,679 shares of the bank’s stock after acquiring an additional 60,693 shares during the period. American Century Companies Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $32,737,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Canadian Imperial Bank of Commerce by 2.0% in the third quarter. Vanguard Group Inc. now owns 42,220,867 shares of the bank’s stock valued at $3,373,827,000 after purchasing an additional 810,582 shares during the last quarter. TD Asset Management Inc increased its stake in shares of Canadian Imperial Bank of Commerce by 1.1% in the 3rd quarter. TD Asset Management Inc now owns 22,752,807 shares of the bank’s stock valued at $1,818,556,000 after acquiring an additional 249,722 shares during the last quarter. Norges Bank acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $730,245,000. CIBC Asset Management Inc raised its position in shares of Canadian Imperial Bank of Commerce by 4.0% in the 3rd quarter. CIBC Asset Management Inc now owns 9,910,976 shares of the bank’s stock valued at $791,049,000 after acquiring an additional 384,414 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Canadian Imperial Bank of Commerce by 19.7% during the 2nd quarter. Geode Capital Management LLC now owns 7,547,548 shares of the bank’s stock worth $542,697,000 after acquiring an additional 1,244,271 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CM shares. Raymond James Financial assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They issued a “market perform” rating on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Zacks Research raised Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Finally, Barclays upgraded Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a report on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Trading Down 0.7%

NYSE:CM opened at $99.61 on Friday. The company has a market cap of $92.08 billion, a P/E ratio of 14.52, a price-to-earnings-growth ratio of 1.03 and a beta of 1.00. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $105.00. The business has a 50 day moving average price of $95.01 and a two-hundred day moving average price of $87.36. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.12.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.20%. The company had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $5.53 billion. During the same period last year, the company earned $2.20 earnings per share. The firm’s revenue was up 15.3% compared to the same quarter last year. As a group, 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 declared 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 of this dividend is Friday, March 27th. This represents a $4.28 annualized dividend and a yield of 4.3%. Canadian Imperial Bank of Commerce’s payout ratio is 44.61%.

Canadian Imperial Bank of Commerce 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.