Y Intercept Hong Kong Ltd Purchases Shares of 5,828 Canadian Imperial Bank of Commerce (NYSE:CM)

Y Intercept Hong Kong Ltd purchased a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,828 shares of the bank’s stock, valued at approximately $328,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH grew its position in Canadian Imperial Bank of Commerce by 13.7% during the first quarter. Allianz Asset Management GmbH now owns 78,376 shares of the bank’s stock valued at $4,408,000 after acquiring an additional 9,426 shares during the period. Massachusetts Financial Services Co. MA grew its position in Canadian Imperial Bank of Commerce by 4.5% during the first quarter. Massachusetts Financial Services Co. MA now owns 116,110 shares of the bank’s stock valued at $6,537,000 after acquiring an additional 4,996 shares during the period. Asahi Life Asset Management CO. LTD. purchased a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at about $390,000. MQS Management LLC purchased a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at about $536,000. Finally, TruNorth Capital Management LLC grew its position in Canadian Imperial Bank of Commerce by 156.0% during the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank’s stock valued at $29,000 after acquiring an additional 312 shares during the period. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a “sector outperform” rating for the company. BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research report on Friday, May 30th. Wall Street Zen downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Friday, July 18th. Finally, Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $109.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM opened at $72.52 on Wednesday. The company has a market capitalization of $67.56 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 1.60 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 1-year low of $47.55 and a 1-year high of $74.63. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The business has a 50-day moving average of $70.37 and a 200-day moving average of $63.86.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.10. The firm had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.78 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.75 earnings per share. On average, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 28th. Investors of record on Friday, June 27th were issued a $0.7024 dividend. The ex-dividend date was Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a yield of 3.87%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 49.56%.

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 Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.