PCJ Investment Counsel Ltd. Grows Holdings in Canadian Imperial Bank of Commerce $CM

PCJ Investment Counsel Ltd. lifted its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 63.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 53,110 shares of the bank’s stock after purchasing an additional 20,610 shares during the period. Canadian Imperial Bank of Commerce accounts for 1.3% of PCJ Investment Counsel Ltd.’s portfolio, making the stock its 27th biggest position. PCJ Investment Counsel Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $3,772,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently modified their holdings of CM. American Century Companies Inc. grew its holdings in Canadian Imperial Bank of Commerce by 5.3% in the first quarter. American Century Companies Inc. now owns 315,078 shares of the bank’s stock valued at $17,724,000 after purchasing an additional 15,867 shares during the period. MQS Management LLC purchased a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at approximately $536,000. Cerity Partners LLC grew its stake in Canadian Imperial Bank of Commerce by 110.7% in the 1st quarter. Cerity Partners LLC now owns 32,559 shares of the bank’s stock valued at $1,833,000 after acquiring an additional 17,103 shares during the period. Bank of New York Mellon Corp increased its holdings in Canadian Imperial Bank of Commerce by 1.1% in the 1st quarter. Bank of New York Mellon Corp now owns 878,426 shares of the bank’s stock worth $49,455,000 after acquiring an additional 9,623 shares in the last quarter. Finally, Asahi Life Asset Management CO. LTD. acquired a new position in Canadian Imperial Bank of Commerce during the first quarter worth $390,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Up 0.7%

Shares of NYSE CM opened at $84.72 on Friday. The stock has a market cap of $78.68 billion, a PE ratio of 14.31, a P/E/G ratio of 1.76 and a beta of 1.03. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $84.75. The company has a 50-day moving average of $80.80 and a 200 day moving average of $73.46.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.14. The business had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.93 EPS. As a group, sell-side 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 business also recently announced a quarterly dividend, which was paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th were issued a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 4.6%. The ex-dividend date was Monday, September 29th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 47.64%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CM shares. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Royal Bank Of Canada boosted their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $107.50.

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.