Canadian Imperial Bank of Commerce (NYSE:CM) Position Increased by First Bank & Trust

First Bank & Trust raised its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 5.3% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 40,256 shares of the bank’s stock after acquiring an additional 2,016 shares during the period. First Bank & Trust’s holdings in Canadian Imperial Bank of Commerce were worth $2,042,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 35,237,455 shares of the bank’s stock worth $1,696,331,000 after buying an additional 1,395,600 shares during the period. Bank of Nova Scotia boosted its stake in Canadian Imperial Bank of Commerce by 8.1% in the 4th quarter. Bank of Nova Scotia now owns 24,915,095 shares of the bank’s stock worth $1,199,627,000 after purchasing an additional 1,872,709 shares during the period. TD Asset Management Inc grew its position in Canadian Imperial Bank of Commerce by 13.8% during the 4th quarter. TD Asset Management Inc now owns 22,550,346 shares of the bank’s stock worth $1,091,089,000 after purchasing an additional 2,730,076 shares in the last quarter. CIBC Asset Management Inc raised its stake in Canadian Imperial Bank of Commerce by 12.8% during the 4th quarter. CIBC Asset Management Inc now owns 11,601,044 shares of the bank’s stock valued at $560,365,000 after purchasing an additional 1,313,996 shares during the period. Finally, Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at $404,008,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 0.7 %

Shares of NYSE CM traded down $0.32 during trading hours on Friday, hitting $47.54. The stock had a trading volume of 719,877 shares, compared to its average volume of 1,264,399. The firm’s 50-day moving average price is $48.37 and its two-hundred day moving average price is $47.79. Canadian Imperial Bank of Commerce has a 52 week low of $34.35 and a 52 week high of $51.14. The company has a market capitalization of $44.83 billion, a P/E ratio of 9.78, a P/E/G ratio of 1.91 and a beta of 1.06. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, May 30th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. The firm had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Analysts anticipate that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Friday, June 28th will be issued a $0.653 dividend. This represents a $2.61 dividend on an annualized basis and a yield of 5.49%. The ex-dividend date is Friday, June 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.53%.

Wall Street Analysts Forecast Growth

CM has been the topic of several recent analyst reports. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. Barclays started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They issued an “underweight” rating for the company. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Thursday, June 20th. Finally, BMO Capital Markets upped their price objective on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a research note on Friday, May 31st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Hold” and a consensus target price of $67.00.

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.