Wealth Enhancement Advisory Services LLC Takes $316,000 Position in Canadian Imperial Bank of Commerce $CM

Wealth Enhancement Advisory Services LLC purchased 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 fund purchased 4,387 shares of the bank’s stock, valued at approximately $316,000.

Several other hedge funds and other institutional investors also recently modified their holdings of CM. Goldman Sachs Group Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 405.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank’s stock valued at $292,032,000 after purchasing an additional 4,160,938 shares during the period. JPMorgan Chase & Co. increased its holdings in Canadian Imperial Bank of Commerce by 31.6% during the 1st quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank’s stock worth $595,762,000 after acquiring an additional 2,538,808 shares during the period. Nuveen LLC bought a new stake in Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $124,797,000. Canada Pension Plan Investment Board increased its holdings in Canadian Imperial Bank of Commerce by 23.0% during the 1st quarter. Canada Pension Plan Investment Board now owns 6,055,999 shares of the bank’s stock worth $340,721,000 after acquiring an additional 1,133,715 shares during the period. Finally, Public Sector Pension Investment Board increased its holdings in Canadian Imperial Bank of Commerce by 27.2% during the 1st quarter. Public Sector Pension Investment Board now owns 4,681,008 shares of the bank’s stock worth $263,281,000 after acquiring an additional 1,000,400 shares during the period. Institutional investors own 49.88% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on CM shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday. Royal Bank Of Canada upped their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a report on Friday, August 29th. Finally, Wall Street Zen lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 4th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at $80.43 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $82.23. The firm’s fifty day moving average is $77.01 and its 200 day moving average is $69.60. The firm has a market cap of $74.77 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.73 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The company had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same quarter last year, the firm earned $1.93 EPS. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. Research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be issued a dividend of $0.97 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $3.88 annualized dividend and a dividend yield of 4.8%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce’s payout ratio is 47.64%.

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.