JCIC Asset Management Inc. Takes $3.13 Million Position in Canadian Imperial Bank of Commerce $CM

JCIC Asset Management Inc. bought a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 39,157 shares of the bank’s stock, valued at approximately $3,128,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Salem Investment Counselors Inc. bought a new position in Canadian Imperial Bank of Commerce in the 3rd quarter worth approximately $30,000. Toth Financial Advisory Corp purchased a new position in Canadian Imperial Bank of Commerce during the third quarter worth about $32,000. AdvisorNet Financial Inc increased its stake in Canadian Imperial Bank of Commerce by 300.0% in the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock worth $32,000 after acquiring an additional 300 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $34,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $35,000. 49.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Raymond James Financial started coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They set a “market perform” rating on the stock. Zacks Research raised Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 31st. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

CM opened at $92.27 on Monday. 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 firm has a market cap of $85.69 billion, a PE ratio of 15.15, a P/E/G ratio of 1.26 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $94.16. The stock has a 50-day moving average price of $89.58 and a 200-day moving average price of $81.63.

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

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced 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 4.6%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date of this dividend is Monday, December 29th. Canadian Imperial Bank of Commerce’s payout ratio is presently 50.25%.

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.