Canadian Imperial Bank of Commerce $CM Shares Purchased by Citigroup Inc.

Citigroup Inc. grew its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 11.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 902,937 shares of the bank’s stock after acquiring an additional 92,929 shares during the quarter. Citigroup Inc. owned about 0.10% of Canadian Imperial Bank of Commerce worth $72,169,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Brown Advisory Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 2.6% in the 2nd quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock worth $445,000 after purchasing an additional 160 shares during the period. Checchi Capital Advisers LLC lifted its position in Canadian Imperial Bank of Commerce by 3.7% during the third quarter. Checchi Capital Advisers LLC now owns 4,799 shares of the bank’s stock valued at $383,000 after buying an additional 169 shares in the last quarter. Pacifica Partners Inc. grew its stake in Canadian Imperial Bank of Commerce by 12.1% during the third quarter. Pacifica Partners Inc. now owns 1,756 shares of the bank’s stock worth $141,000 after buying an additional 190 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Canadian Imperial Bank of Commerce by 12.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock worth $128,000 after acquiring an additional 193 shares in the last quarter. Finally, Baron Wealth Management LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 7.0% in the 3rd quarter. Baron Wealth Management LLC now owns 3,364 shares of the bank’s stock valued at $269,000 after acquiring an additional 221 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CM shares. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Raymond James Financial initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They set a “market perform” rating on the stock. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Finally, Barclays raised shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

CM opened at $99.56 on Monday. 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 business’s 50 day moving average is $93.41 and its 200-day moving average is $85.52. The stock has a market cap of $92.25 billion, a PE ratio of 16.35, a price-to-earnings-growth ratio of 1.29 and a beta of 1.02. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $99.62.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period last year, the company earned $1.91 earnings per share. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, 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 business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were paid a dividend of $1.07 per share. The ex-dividend date of this dividend was Monday, December 29th. This represents a $4.28 annualized dividend and a dividend yield of 4.3%. 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 50.25%.

Canadian Imperial Bank of Commerce Company 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.