Canadian Imperial Bank of Commerce $CM Stake Boosted by Federated Hermes Inc.

Federated Hermes Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,005,916 shares of the bank’s stock after purchasing an additional 17,517 shares during the quarter. Federated Hermes Inc. owned about 0.11% of Canadian Imperial Bank of Commerce worth $71,249,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in CM. Truvestments Capital LLC acquired a new stake in Canadian Imperial Bank of Commerce in the first quarter worth $32,000. Ameritas Advisory Services LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at $34,000. Atlantic Union Bankshares Corp bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $35,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth about $43,000. Finally, MAI Capital Management increased its holdings in shares of Canadian Imperial Bank of Commerce by 57.5% in the 2nd quarter. MAI Capital Management now owns 737 shares of the bank’s stock worth $52,000 after acquiring an additional 269 shares during the period. Institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CM. Raymond James Financial initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating for the company. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada lifted their target price on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research note on Friday, August 29th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Trading Up 0.7%

Canadian Imperial Bank of Commerce stock opened at $91.22 on Monday. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $91.47. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $84.72 billion, a PE ratio of 14.98, a price-to-earnings-growth ratio of 1.27 and a beta of 1.02. The firm has a 50 day simple moving average of $83.43 and a 200-day simple moving average of $76.76.

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

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th will be issued a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 4.7%. This is a positive change 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 payout ratio is currently 46.31%.

About Canadian Imperial Bank of Commerce

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.