Oakmont Investment Advisors Inc. Acquires Shares of 6,815 Canadian Imperial Bank of Commerce $CM

Oakmont Investment Advisors Inc. bought a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,815 shares of the bank’s stock, valued at approximately $784,000.

Several other institutional investors have also recently made changes to their positions in CM. Cibc World Market Inc. purchased a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter worth about $1,342,850,000. Bank of Nova Scotia bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at approximately $1,297,567,000. Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth approximately $958,383,000. Canada Pension Plan Investment Board bought a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $927,219,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $916,774,000. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Down 0.4%

CM opened at $117.66 on Friday. The stock’s fifty day moving average is $117.60 and its two-hundred day moving average is $109.65. The company has a market capitalization of $107.40 billion, a P/E ratio of 15.71, a PEG ratio of 1.19 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 52 week low of $77.66 and a 52 week high of $124.86. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a return on equity of 17.02% and a net margin of 16.09%.The business had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $5.74 billion. Analysts forecast that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Monday, September 28th will be issued a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Monday, September 28th. Canadian Imperial Bank of Commerce’s payout ratio is presently 41.39%.

Analyst Upgrades and Downgrades

Several brokerages have commented on CM. Raymond James Financial reaffirmed a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. Desjardins cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Tuesday, August 4th. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and an average 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.