J. Safra Sarasin Holding AG Raises Stake in Canadian Imperial Bank of Commerce $CM

J. Safra Sarasin Holding AG boosted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 17.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,046 shares of the bank’s stock after buying 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 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Sivia Capital Partners LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter valued at approximately $262,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 12.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock worth $128,000 after buying an additional 193 shares during the period. Brown Advisory Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 2.6% in the 2nd quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock worth $445,000 after buying an additional 160 shares during the period. Qube Research & Technologies Ltd grew its position in shares of Canadian Imperial Bank of Commerce by 74.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank’s stock worth $23,833,000 after buying an additional 143,588 shares in the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 7,315.0% during the second quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank’s stock valued at $210,000 after buying an additional 2,926 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Raymond James Financial reiterated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Weiss Ratings downgraded shares of Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, June 4th. Jefferies Financial Group reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Royal Bank Of Canada boosted their price objective on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. Finally, Barclays restated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $117.35 on Tuesday. The company has a 50 day moving average of $112.64 and a two-hundred day moving average of $102.85. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a twelve month low of $71.00 and a twelve month high of $118.66. The company has a market cap of $107.12 billion, a price-to-earnings ratio of 16.12, a price-to-earnings-growth ratio of 1.27 and a beta of 1.02.

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

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be paid a $1.07 dividend. The ex-dividend date is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a yield of 3.6%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 42.58%.

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.