Lockheed Martin Investment Management Co. Purchases Shares of 50,400 Canadian Imperial Bank of Commerce $CM

Lockheed Martin Investment Management Co. acquired a new position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 50,400 shares of the bank’s stock, valued at approximately $4,026,000.

A number of other hedge funds also recently made changes to their positions in CM. Salem Investment Counselors Inc. purchased a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter worth approximately $30,000. Toth Financial Advisory Corp bought a new position in shares of Canadian Imperial Bank of Commerce in the third quarter worth approximately $32,000. AdvisorNet Financial Inc increased its stake in shares of Canadian Imperial Bank of Commerce by 300.0% in the third quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock worth $32,000 after purchasing an additional 300 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at $34,000. Finally, Grey Fox Wealth Advisors LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at $34,000. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Up 1.1%

Shares of CM stock opened at $92.49 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $85.90 billion, a price-to-earnings ratio of 15.19, a price-to-earnings-growth ratio of 1.25 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $94.16. The stock’s 50-day moving average price is $90.03 and its 200-day moving average price is $82.04.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter last year, the business posted $1.91 EPS. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. Equities research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th will be given a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 4.6%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date is Monday, December 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 50.25%.

Analysts Set New Price Targets

CM has been the subject of several recent analyst reports. Zacks Research raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 31st. Weiss Ratings reiterated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday. Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating on the stock. Finally, Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Company 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.