Canadian Imperial Bank of Commerce $CM Shares Acquired by Bank of Nova Scotia

Bank of Nova Scotia increased its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,683,488 shares of the bank’s stock after purchasing an additional 57,210 shares during the quarter. Canadian Imperial Bank of Commerce accounts for 2.0% of Bank of Nova Scotia’s portfolio, making the stock its 11th largest position. Bank of Nova Scotia owned 1.38% of Canadian Imperial Bank of Commerce worth $1,201,762,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Norges Bank acquired a new position in Canadian Imperial Bank of Commerce in the 4th quarter worth $958,383,000. Mackenzie Financial Corp grew its stake in shares of Canadian Imperial Bank of Commerce by 69.3% during the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock valued at $986,173,000 after acquiring an additional 4,419,968 shares in the last quarter. FIL Ltd grew its stake in shares of Canadian Imperial Bank of Commerce by 26.1% during the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock valued at $1,156,438,000 after acquiring an additional 2,643,495 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Canadian Imperial Bank of Commerce by 24.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank’s stock worth $808,281,000 after acquiring an additional 1,720,220 shares during the last quarter. Finally, Morgan Stanley lifted its stake in shares of Canadian Imperial Bank of Commerce by 39.5% in the fourth quarter. Morgan Stanley now owns 4,988,745 shares of the bank’s stock worth $452,030,000 after acquiring an additional 1,412,363 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

CM opened at $116.49 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The company’s 50-day moving average price is $113.91 and its 200 day moving average price is $104.38. Canadian Imperial Bank of Commerce has a fifty-two week low of $71.00 and a fifty-two week high of $122.50. The firm has a market cap of $106.33 billion, a price-to-earnings ratio of 16.00, a price-to-earnings-growth ratio of 1.27 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.08. The company had revenue of $5.89 billion during the quarter, compared to the consensus estimate of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.Canadian Imperial Bank of Commerce’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.05 earnings per share. As a group, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 42.58%.

Analyst Ratings Changes

A number of brokerages have weighed in on CM. Weiss Ratings lowered Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, July 15th. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Royal Bank Of Canada increased their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Finally, Zacks Research cut shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $167.00.

About Canadian Imperial Bank of Commerce

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.