Fig Financial Advisory Services Inc. ADV Purchases New Position in Canadian Imperial Bank of Commerce $CM

Fig Financial Advisory Services Inc. ADV purchased a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,444 shares of the bank’s stock, valued at approximately $2,236,000. Canadian Imperial Bank of Commerce comprises about 1.3% of Fig Financial Advisory Services Inc. ADV’s investment portfolio, making the stock its 16th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CM. Sequoia Financial Advisors LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 1.2% in the 4th quarter. Sequoia Financial Advisors LLC now owns 9,716 shares of the bank’s stock valued at $880,000 after buying an additional 114 shares in the last quarter. Sivia Capital Partners LLC grew its position in shares of Canadian Imperial Bank of Commerce by 3.1% in the 4th quarter. Sivia Capital Partners LLC now owns 3,832 shares of the bank’s stock valued at $347,000 after buying an additional 116 shares during the last quarter. Parallel Advisors LLC raised its stake in Canadian Imperial Bank of Commerce by 3.5% during the 3rd quarter. Parallel Advisors LLC now owns 3,404 shares of the bank’s stock worth $272,000 after acquiring an additional 116 shares in the last quarter. McIlrath & Eck LLC raised its stake in Canadian Imperial Bank of Commerce by 7.1% during the 4th quarter. McIlrath & Eck LLC now owns 1,936 shares of the bank’s stock worth $175,000 after acquiring an additional 128 shares in the last quarter. Finally, Fifth Third Bancorp raised its stake in Canadian Imperial Bank of Commerce by 12.7% during the 4th quarter. Fifth Third Bancorp now owns 1,337 shares of the bank’s stock worth $121,000 after acquiring an additional 151 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $121.70 on Wednesday. The stock’s 50-day moving average price is $116.83 and its 200 day moving average price is $107.88. 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 stock has a market capitalization of $111.09 billion, a PE ratio of 16.72, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 52-week low of $72.57 and a 52-week high of $124.86.

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 analysts’ consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The company had revenue of $5.89 billion during the quarter, compared to analysts’ expectations of $5.86 billion. During the same period last year, the firm earned $2.05 EPS. The firm’s revenue for the quarter was up 14.0% on a year-over-year basis. As a group, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 7.33 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 28th. Investors of record on Monday, June 29th were issued a dividend of $1.07 per share. The ex-dividend date of this dividend was Monday, June 29th. This represents a $4.28 annualized dividend and a dividend yield of 3.5%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 42.58%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CM shares. Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Royal Bank Of Canada lifted their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. TD Securities reissued a “buy” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Scotiabank reissued an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Finally, Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and a consensus price target 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.