Cibc World Market Inc. Boosts Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Cibc World Market Inc. raised its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 18.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,748,305 shares of the bank’s stock after purchasing an additional 3,143,734 shares during the period. Canadian Imperial Bank of Commerce accounts for 2.2% of Cibc World Market Inc.’s investment portfolio, making the stock its 8th biggest position. Cibc World Market Inc. owned about 2.09% of Canadian Imperial Bank of Commerce worth $938,834,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CM. Vanguard Group Inc. raised its stake in Canadian Imperial Bank of Commerce by 4.1% in the fourth 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 in the last quarter. M&G Plc purchased a new position in Canadian Imperial Bank of Commerce in the first quarter worth $8,221,000. Cetera Advisors LLC bought a new position in Canadian Imperial Bank of Commerce in the first quarter valued at $1,278,000. Mitsubishi UFJ Trust & Banking Corp raised its position in Canadian Imperial Bank of Commerce by 1,091.2% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 267,124 shares of the bank’s stock valued at $13,477,000 after purchasing an additional 244,700 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in 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 last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at $61.22 on Thursday. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $61.25. The stock has a market capitalization of $57.73 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 1.79 and a beta of 1.06. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15. The firm’s 50-day moving average price is $52.60 and its two-hundred day moving average price is $50.03.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion for the quarter, compared to analyst estimates 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 period last year, the company earned $1.14 EPS. As a group, equities analysts predict that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be issued a $0.652 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.26%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 53.50%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CM shares. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Finally, StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and an average 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.