UBS Group AG Reduces Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

UBS Group AG reduced its position in Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) by 17.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 193,419 shares of the bank’s stock after selling 39,832 shares during the period. UBS Group AG’s holdings in Canadian Imperial Bank of Commerce were worth $7,824,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of CM. National Bank of Canada FI increased its position in Canadian Imperial Bank of Commerce by 594.2% during the fourth quarter. National Bank of Canada FI now owns 14,574,235 shares of the bank’s stock worth $589,327,000 after buying an additional 12,474,796 shares in the last quarter. Toronto Dominion Bank increased its position in Canadian Imperial Bank of Commerce by 20.8% during the third quarter. Toronto Dominion Bank now owns 27,083,647 shares of the bank’s stock worth $1,188,476,000 after buying an additional 4,670,453 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Canadian Imperial Bank of Commerce by 566.7% during the third quarter. Canada Pension Plan Investment Board now owns 5,325,315 shares of the bank’s stock worth $234,321,000 after buying an additional 4,526,515 shares in the last quarter. Vanguard Group Inc. increased its position in Canadian Imperial Bank of Commerce by 3.6% during the third quarter. Vanguard Group Inc. now owns 31,644,399 shares of the bank’s stock worth $1,384,759,000 after buying an additional 1,107,934 shares in the last quarter. Finally, Clearbridge Investments LLC purchased a new position in Canadian Imperial Bank of Commerce during the first quarter worth $73,764,000. 44.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on CM shares. Canaccord Genuity Group raised Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research report on Wednesday, May 10th. StockNews.com began coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 18th. They issued a “hold” rating for the company. CIBC raised Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research report on Tuesday, May 9th. Finally, Royal Bank of Canada lifted their price objective on Canadian Imperial Bank of Commerce from $69.00 to $70.00 and gave the company a “sector perform” rating in a research report on Monday, February 27th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $74.14.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $40.94 on Thursday. Canadian Imperial Bank of Commerce has a twelve month low of $39.40 and a twelve month high of $56.68. The stock has a market capitalization of $37.57 billion, a P/E ratio of 10.39, a PEG ratio of 1.61 and a beta of 1.01. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. The business’s fifty day moving average price is $41.94 and its 200 day moving average price is $43.51.

Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) last issued its earnings results on Friday, February 24th. The bank reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.21. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.75%. The firm had revenue of $4.40 billion for the quarter. As a group, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.22 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 28th. Shareholders of record on Tuesday, March 28th were paid a dividend of $0.639 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 6.24%. The ex-dividend date of this dividend was Monday, March 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.63. Canadian Imperial Bank of Commerce’s payout ratio is currently 63.20%.

Canadian Imperial Bank of Commerce Company Profile

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Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.