Lipe & Dalton Raises Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Lipe & Dalton lifted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 90,470 shares of the bank’s stock after acquiring an additional 550 shares during the quarter. Canadian Imperial Bank of Commerce makes up approximately 2.4% of Lipe & Dalton’s investment portfolio, making the stock its 13th biggest position. Lipe & Dalton’s holdings in Canadian Imperial Bank of Commerce were worth $4,355,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP grew its position in shares of Canadian Imperial Bank of Commerce by 187.3% in the 3rd quarter. Wellington Management Group LLP now owns 266,581 shares of the bank’s stock worth $10,338,000 after buying an additional 173,801 shares during the period. CenterBook Partners LP bought a new position in Canadian Imperial Bank of Commerce in the 3rd quarter worth about $4,509,000. American Century Companies Inc. boosted its stake in Canadian Imperial Bank of Commerce by 8.7% in the 3rd quarter. American Century Companies Inc. now owns 177,501 shares of the bank’s stock worth $6,852,000 after purchasing an additional 14,141 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in Canadian Imperial Bank of Commerce by 177.6% in the 3rd quarter. Public Sector Pension Investment Board now owns 990,605 shares of the bank’s stock worth $38,415,000 after purchasing an additional 633,770 shares in the last quarter. Finally, Bank of Nova Scotia Trust Co. boosted its stake in Canadian Imperial Bank of Commerce by 20.4% in the 3rd quarter. Bank of Nova Scotia Trust Co. now owns 563,792 shares of the bank’s stock worth $21,768,000 after purchasing an additional 95,463 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CM. Scotiabank upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research note on Tuesday, February 20th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a research note on Monday, December 18th. Jefferies Financial Group assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, February 22nd. They set a “buy” rating on the stock. Barclays assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They set an “underweight” rating on the stock. Finally, National Bank Financial upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, December 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and an average price target of $63.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE:CM traded down $0.71 during trading on Tuesday, hitting $47.00. The company’s stock had a trading volume of 1,730,822 shares, compared to its average volume of 1,841,425. The company has a 50-day moving average of $48.24 and a 200-day moving average of $44.08. Canadian Imperial Bank of Commerce has a 12 month low of $34.35 and a 12 month high of $51.14. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $44.06 billion, a price-to-earnings ratio of 9.86, a P/E/G ratio of 2.25 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, February 29th. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 10.79% and a return on equity of 13.07%. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.47 billion. On average, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.04 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 29th. Investors of record on Thursday, March 28th will be issued a $0.6634 dividend. This represents a $2.65 annualized dividend and a yield of 5.65%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. The ex-dividend date is Wednesday, March 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 26.45%.

Canadian Imperial Bank of Commerce 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.