J. Safra Sarasin Holding AG Grows Position in Canadian Imperial Bank of Commerce $CM

J. Safra Sarasin Holding AG raised its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 17.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,046 shares of the bank’s stock after purchasing an additional 4,821 shares during the quarter. J. Safra Sarasin Holding AG’s holdings in Canadian Imperial Bank of Commerce were worth $3,120,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Investment Management Corp of Ontario lifted its position in Canadian Imperial Bank of Commerce by 38.6% during the 4th quarter. Investment Management Corp of Ontario now owns 290,749 shares of the bank’s stock worth $26,345,000 after acquiring an additional 80,914 shares during the period. Legal & General Group Plc increased its holdings in shares of Canadian Imperial Bank of Commerce by 2.0% in the fourth quarter. Legal & General Group Plc now owns 6,475,253 shares of the bank’s stock valued at $587,790,000 after purchasing an additional 125,069 shares during the period. CIBC Bancorp USA Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce in the third quarter worth about $11,217,000. Intech Investment Management LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 6.5% in the fourth quarter. Intech Investment Management LLC now owns 343,828 shares of the bank’s stock worth $31,211,000 after purchasing an additional 21,078 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 5.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 238,539 shares of the bank’s stock worth $21,622,000 after purchasing an additional 12,297 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Down 0.4%

Shares of CM opened at $117.35 on Tuesday. Canadian Imperial Bank of Commerce has a 52 week low of $71.00 and a 52 week high of $118.66. 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 company has a market capitalization of $107.12 billion, a price-to-earnings ratio of 16.12, a PEG ratio of 1.27 and a beta of 1.02. The stock’s 50-day moving average price is $112.64 and its 200-day moving average price is $102.85.

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

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be paid 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 dividend yield of 3.6%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 42.58%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CM shares. Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Scotiabank reissued an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Royal Bank Of Canada lifted 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 research note on Monday, June 1st. Raymond James Financial reaffirmed a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $167.00.

About Canadian Imperial Bank of Commerce

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.