Purpose Unlimited Inc. Buys Shares of 260,539 Canadian Imperial Bank of Commerce $CM

Purpose Unlimited Inc. bought a new position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 260,539 shares of the bank’s stock, valued at approximately $23,619,000. Canadian Imperial Bank of Commerce accounts for 1.1% of Purpose Unlimited Inc.’s holdings, making the stock its 22nd biggest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. EFG International AG bought a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at about $35,000. Larson Financial Group LLC grew its holdings in Canadian Imperial Bank of Commerce by 119.7% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after acquiring an additional 219 shares in the last quarter. Lodestone Wealth Management LLC bought a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth about $37,000. Aventura Private Wealth LLC purchased a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at about $69,000. Finally, Parkside Financial Bank & Trust increased its position in Canadian Imperial Bank of Commerce by 2,758.6% during the 4th quarter. Parkside Financial Bank & Trust now owns 829 shares of the bank’s stock valued at $75,000 after purchasing an additional 800 shares during the period. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

CM stock opened at $111.72 on Friday. Canadian Imperial Bank of Commerce has a one year low of $68.53 and a one year high of $117.05. The firm has a market cap of $101.98 billion, a price-to-earnings ratio of 15.35, a PEG ratio of 1.20 and a beta of 1.02. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a 50-day simple moving average of $110.36 and a two-hundred day simple moving average of $100.09.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data 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. 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 the consensus estimate of $5.86 billion. During the same quarter in the previous year, the firm earned $2.05 EPS. The company’s quarterly revenue was up 14.0% compared to the same quarter last year. On average, equities analysts forecast that Canadian Imperial Bank of Commerce will post 7.43 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be issued a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce’s payout ratio is currently 43.13%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CM. Barclays restated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Weiss Ratings lowered shares of Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, June 4th. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Finally, Scotiabank restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce 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.