Lorne Steinberg Wealth Management Inc. Has $3.07 Million Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Lorne Steinberg Wealth Management Inc. increased its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 24.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 31,379 shares of the bank’s stock after purchasing an additional 6,146 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $3,071,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. DAVENPORT & Co LLC boosted its stake in Canadian Imperial Bank of Commerce by 3.8% in the 1st quarter. DAVENPORT & Co LLC now owns 2,665 shares of the bank’s stock worth $261,000 after purchasing an additional 98 shares during the period. AdvisorNet Financial Inc lifted its position in Canadian Imperial Bank of Commerce by 1.9% in the 1st quarter. AdvisorNet Financial Inc now owns 5,658 shares of the bank’s stock worth $554,000 after buying an additional 108 shares in the last quarter. Intrust Bank NA lifted its position in Canadian Imperial Bank of Commerce by 2.1% in the 4th quarter. Intrust Bank NA now owns 6,537 shares of the bank’s stock worth $559,000 after buying an additional 137 shares in the last quarter. Grove Bank & Trust lifted its position in Canadian Imperial Bank of Commerce by 1.4% in the 4th quarter. Grove Bank & Trust now owns 11,399 shares of the bank’s stock worth $975,000 after buying an additional 159 shares in the last quarter. Finally, Signaturefd LLC lifted its position in Canadian Imperial Bank of Commerce by 3.3% in the 1st quarter. Signaturefd LLC now owns 5,323 shares of the bank’s stock worth $521,000 after buying an additional 168 shares in the last quarter. 42.62% of the stock is owned by hedge funds and other institutional investors.

Several brokerages recently commented on CM. Barclays lifted their target price on shares of Canadian Imperial Bank of Commerce from $124.00 to $128.00 and gave the stock an “overweight” rating in a report on Tuesday, February 16th. BMO Capital Markets upgraded Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Friday, February 26th. Cormark reiterated a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, March 9th. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, March 1st. Finally, Zacks Investment Research upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and set a $117.00 target price on the stock in a report on Tuesday, May 4th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $111.61.

NYSE:CM traded up $0.25 during mid-day trading on Wednesday, hitting $107.94. 3,624 shares of the stock were exchanged, compared to its average volume of 516,654. The firm’s 50-day simple moving average is $101.09 and its 200 day simple moving average is $90.90. The stock has a market capitalization of $48.43 billion, a price-to-earnings ratio of 17.68, a price-to-earnings-growth ratio of 1.97 and a beta of 1.12. Canadian Imperial Bank of Commerce has a fifty-two week low of $54.94 and a fifty-two week high of $108.73. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Wednesday, February 24th. The bank reported $3.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.18 by $1.40. The company had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.77 billion. Canadian Imperial Bank of Commerce had a return on equity of 12.03% and a net margin of 15.06%. On average, analysts predict that Canadian Imperial Bank of Commerce will post 8.11 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 28th. Investors of record on Monday, March 29th were paid a $1.1669 dividend. This represents a $4.67 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date was Friday, March 26th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.10. Canadian Imperial Bank of Commerce’s payout ratio is 62.27%.

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 four strategic business units: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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