First Trust Advisors LP Trims Stake in Canadian Imperial Bank of Commerce $CM

First Trust Advisors LP decreased its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 15.5% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 475,371 shares of the bank’s stock after selling 87,188 shares during the period. First Trust Advisors LP’s holdings in Canadian Imperial Bank of Commerce were worth $45,041,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Larson Financial Group LLC increased its stake in Canadian Imperial Bank of Commerce by 119.7% in the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after buying an additional 219 shares in the last quarter. EFG International AG bought a new stake in Canadian Imperial Bank of Commerce in the fourth quarter worth $35,000. Lodestone Wealth Management LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth about $37,000. Global Assets Advisory LLC purchased a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at approximately $54,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA raised its holdings in Canadian Imperial Bank of Commerce by 87.0% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank’s stock valued at $69,000 after buying an additional 400 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Royal Bank Of Canada lifted their price objective on 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. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Scotiabank reissued an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM opened at $117.41 on Monday. The stock has a market cap of $107.17 billion, a price-to-earnings ratio of 16.13, a PEG ratio of 1.27 and a beta of 1.02. The company has a 50 day simple moving average of $114.03 and a two-hundred day simple moving average of $104.55. Canadian Imperial Bank of Commerce has a 12 month low of $71.00 and a 12 month high of $122.50. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11.

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

Canadian Imperial Bank of Commerce Announces Dividend

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

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.