Cibc World Market Inc. Buys 158,634 Shares of Canadian Imperial Bank of Commerce $CM

Cibc World Market Inc. grew its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,010,183 shares of the bank’s stock after buying an additional 158,634 shares during the period. Canadian Imperial Bank of Commerce accounts for approximately 1.8% of Cibc World Market Inc.’s portfolio, making the stock its 12th largest holding. Cibc World Market Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $1,088,243,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Larson Financial Group LLC increased its position in shares of Canadian Imperial Bank of Commerce by 119.7% during the third quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock valued at $32,000 after buying an additional 219 shares during the period. Lodestone Wealth Management LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at about $37,000. Smartleaf Asset Management LLC increased its position in shares of Canadian Imperial Bank of Commerce by 128.1% during the third quarter. Smartleaf Asset Management LLC now owns 723 shares of the bank’s stock valued at $58,000 after buying an additional 406 shares during the period. Aventura Private Wealth LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at about $69,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA increased its position in shares of Canadian Imperial Bank of Commerce by 87.0% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank’s stock valued at $69,000 after buying an additional 400 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday. Jefferies Financial Group reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Friday, May 22nd. Scotiabank cut shares of Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research report on Monday. Finally, Raymond James Financial restated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Stock Down 1.0%

CM stock opened at $107.47 on Thursday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The company’s 50 day moving average is $106.65 and its 200 day moving average is $97.97. The stock has a market cap of $98.31 billion, a price-to-earnings ratio of 14.76, a price-to-earnings-growth ratio of 1.16 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 1-year low of $67.38 and a 1-year high of $117.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.08. The company had revenue of $5.89 billion for the quarter, compared to analysts’ expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. 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 in the prior year, the business earned $2.05 earnings per share. Sell-side analysts predict that Canadian Imperial Bank of Commerce will post 7.43 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 43.13%.

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.