Lazard Asset Management LLC Raises Holdings in Canadian Imperial Bank of Commerce $CM

Lazard Asset Management LLC grew its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 14.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 268,356 shares of the bank’s stock after buying an additional 33,924 shares during the quarter. Lazard Asset Management LLC’s holdings in Canadian Imperial Bank of Commerce were worth $25,438,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter worth $958,383,000. Mackenzie Financial Corp boosted its position in shares of Canadian Imperial Bank of Commerce by 69.3% during the 4th quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock worth $986,173,000 after purchasing an additional 4,419,968 shares in the last quarter. FIL Ltd grew its stake in shares of Canadian Imperial Bank of Commerce by 26.1% during the 4th quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock worth $1,156,438,000 after purchasing an additional 2,643,495 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Canadian Imperial Bank of Commerce by 24.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank’s stock worth $808,281,000 after purchasing an additional 1,720,220 shares during the period. Finally, Morgan Stanley increased its holdings in shares of Canadian Imperial Bank of Commerce by 39.5% in the 4th quarter. Morgan Stanley now owns 4,988,745 shares of the bank’s stock valued at $452,030,000 after purchasing an additional 1,412,363 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $119.87 on Wednesday. Canadian Imperial Bank of Commerce has a 52 week low of $71.00 and a 52 week high of $122.50. 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 firm’s 50-day simple moving average is $114.31 and its 200 day simple moving average is $104.94. The firm has a market capitalization of $109.42 billion, a PE ratio of 16.47, a P/E/G ratio of 1.28 and a beta of 1.02.

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

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th were given a $1.07 dividend. The ex-dividend date was Monday, June 29th. This represents a $4.28 annualized dividend and a dividend yield of 3.6%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 42.58%.

Analysts Set New Price Targets

Several analysts recently commented on CM shares. Scotiabank reiterated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Weiss Ratings cut shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. Raymond James Financial reiterated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Company Profile

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.