First Bank & Trust Grows Stake in Canadian Imperial Bank of Commerce (CM)

First Bank & Trust lifted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.7% in the 1st quarter, HoldingsChannel reports. The fund owned 16,277 shares of the bank’s stock after acquiring an additional 270 shares during the quarter. First Bank & Trust’s holdings in Canadian Imperial Bank of Commerce were worth $1,287,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Canadian Imperial Bank of Commerce during the fourth quarter valued at about $309,767,000. Nordea Investment Management AB acquired a new stake in Canadian Imperial Bank of Commerce during the third quarter worth about $197,655,000. APG Asset Management N.V. grew its position in Canadian Imperial Bank of Commerce by 34.4% during the fourth quarter. APG Asset Management N.V. now owns 3,418,660 shares of the bank’s stock worth $222,641,000 after buying an additional 874,400 shares in the last quarter. Mackenzie Financial Corp grew its position in Canadian Imperial Bank of Commerce by 65.6% during the third quarter. Mackenzie Financial Corp now owns 2,020,720 shares of the bank’s stock worth $189,483,000 after buying an additional 800,818 shares in the last quarter. Finally, Bank of Nova Scotia grew its position in Canadian Imperial Bank of Commerce by 11.0% during the fourth quarter. Bank of Nova Scotia now owns 6,116,847 shares of the bank’s stock worth $455,949,000 after buying an additional 606,814 shares in the last quarter. 46.69% of the stock is owned by institutional investors and hedge funds.

NYSE CM traded down $0.10 during trading on Monday, reaching $82.43. 14,602 shares of the company traded hands, compared to its average volume of 487,210. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $36.58 billion, a price-to-earnings ratio of 8.82, a PEG ratio of 4.85 and a beta of 1.14. Canadian Imperial Bank of Commerce has a 1-year low of $72.96 and a 1-year high of $96.98.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, February 28th. The bank reported $2.26 earnings per share for the quarter, missing analysts’ consensus estimates of $2.37 by ($0.11). The company had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.51 billion. Canadian Imperial Bank of Commerce had a net margin of 19.44% and a return on equity of 16.70%. On average, analysts predict that Canadian Imperial Bank of Commerce will post 9.42 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 29th. Stockholders of record on Thursday, March 28th will be issued a $1.0616 dividend. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.03. This represents a $4.25 annualized dividend and a dividend yield of 5.15%. The ex-dividend date of this dividend is Wednesday, March 27th. Canadian Imperial Bank of Commerce’s payout ratio is presently 45.50%.

A number of research firms have weighed in on CM. Zacks Investment Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Monday, March 4th. ValuEngine downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Friday, March 1st. Barclays reaffirmed an “average” rating and set a $123.00 price objective on shares of Canadian Imperial Bank of Commerce in a report on Friday, March 1st. Scotiabank reaffirmed an “average” rating and set a $126.00 price objective on shares of Canadian Imperial Bank of Commerce in a report on Friday, February 22nd. Finally, Canaccord Genuity reaffirmed an “average” rating and set a $125.00 price objective on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, February 20th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $125.43.

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Canadian Imperial Bank of Commerce Profile

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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

Recommended Story: Hedge Funds

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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