Massachusetts Financial Services Co. MA Buys 77,137 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Massachusetts Financial Services Co. MA increased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1,014.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 84,742 shares of the bank’s stock after acquiring an additional 77,137 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Canadian Imperial Bank of Commerce were worth $4,029,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of CM. Vanguard Group Inc. lifted its position in Canadian Imperial Bank of Commerce by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 35,237,455 shares of the bank’s stock valued at $1,696,331,000 after purchasing an additional 1,395,600 shares during the period. M&G Plc acquired a new position in Canadian Imperial Bank of Commerce in the first quarter valued at approximately $8,221,000. Cetera Advisors LLC acquired a new position in Canadian Imperial Bank of Commerce in the first quarter valued at approximately $1,278,000. Mitsubishi UFJ Trust & Banking Corp boosted its stake in Canadian Imperial Bank of Commerce by 1,091.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 267,124 shares of the bank’s stock valued at $13,477,000 after acquiring an additional 244,700 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 47.0% during the fourth quarter. Principal Financial Group Inc. now owns 68,300 shares of the bank’s stock worth $3,305,000 after purchasing an additional 21,833 shares during the period. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $61.68 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a market cap of $58.17 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 1.85 and a beta of 1.07. Canadian Imperial Bank of Commerce has a one year low of $34.35 and a one year high of $62.01. The stock’s 50-day moving average is $54.38 and its 200-day moving average is $50.72.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, beating the consensus estimate of $1.74 by $0.19. The firm had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.63% and a net margin of 10.66%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.14 EPS. Equities analysts predict that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be given a $0.652 dividend. This represents a $2.61 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 54.73%.

Analysts Set New Price Targets

Several research firms have weighed in on CM. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, August 30th. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. BMO Capital Markets boosted their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Finally, Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Company 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.