Bank of New York Mellon Corp Sells 37,935 Shares of Canadian Imperial Bank of Commerce $CM

Bank of New York Mellon Corp lessened its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 894,249 shares of the bank’s stock after selling 37,935 shares during the quarter. Bank of New York Mellon Corp’s holdings in Canadian Imperial Bank of Commerce were worth $84,730,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at $958,383,000. Mackenzie Financial Corp grew its stake in 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 worth $986,173,000 after purchasing an additional 4,419,968 shares during the period. FIL Ltd increased its holdings in Canadian Imperial Bank of Commerce by 26.1% in the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock worth $1,156,438,000 after purchasing an additional 2,643,495 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Canadian Imperial Bank of Commerce by 24.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank’s stock valued at $808,281,000 after buying an additional 1,720,220 shares during the period. Finally, Morgan Stanley grew its position in shares of Canadian Imperial Bank of Commerce by 39.5% during the 4th quarter. Morgan Stanley now owns 4,988,745 shares of the bank’s stock worth $452,030,000 after buying an additional 1,412,363 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $117.43 on Wednesday. Canadian Imperial Bank of Commerce has a twelve month low of $71.00 and a twelve month high of $122.50. The stock’s 50 day moving average is $113.67 and its 200-day moving average is $104.01. 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 firm has a market capitalization of $107.20 billion, a price-to-earnings ratio of 16.13, a PEG ratio of 1.27 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.08. The business 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 net margin of 15.84% and a return on equity of 16.31%. Canadian Imperial Bank of Commerce’s revenue was up 14.0% compared to the same quarter last year. During the same quarter last year, the firm posted $2.05 EPS. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be issued a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 42.58%.

Wall Street Analysts Forecast Growth

CM has been the subject of several research analyst reports. Scotiabank reiterated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Royal Bank Of Canada upped their price objective on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an “outperform” rating in a report on Monday, June 1st. Finally, Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. 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, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and an average price target of $167.00.

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.