CIBC Asset Management Inc Increases Position in Canadian Imperial Bank of Commerce $CM

CIBC Asset Management Inc lifted its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,910,976 shares of the bank’s stock after buying an additional 384,414 shares during the period. Canadian Imperial Bank of Commerce comprises 2.3% of CIBC Asset Management Inc’s holdings, making the stock its 9th largest position. CIBC Asset Management Inc owned 1.07% of Canadian Imperial Bank of Commerce worth $791,049,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CM. Salem Investment Counselors Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter worth about $30,000. Toth Financial Advisory Corp bought a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $32,000. AdvisorNet Financial Inc raised its holdings in Canadian Imperial Bank of Commerce by 300.0% during the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock worth $32,000 after buying an additional 300 shares during the period. Grey Fox Wealth Advisors LLC bought a new position in Canadian Imperial Bank of Commerce in the third quarter valued at approximately $34,000. Finally, Ameritas Advisory Services LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at approximately $34,000. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Up 0.4%

CM stock opened at $92.74 on Friday. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $94.16. The business’s 50 day simple moving average is $90.14 and its 200 day simple moving average is $82.26. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $85.94 billion, a PE ratio of 15.23, a PEG ratio of 1.26 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.08. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.23 billion. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the business posted $1.91 earnings per share. As a group, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current 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 given a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Monday, December 29th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 50.25%.

Wall Street Analyst Weigh In

Several analysts have issued reports on CM shares. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday. 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. Raymond James Financial started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating on the stock. Finally, Zacks Research upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 31st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

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.