CIBC Bancorp USA Inc. Makes New $11.22 Million Investment in Canadian Imperial Bank of Commerce $CM

CIBC Bancorp USA Inc. acquired a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 130,968 shares of the bank’s stock, valued at approximately $11,217,000.

A number of other hedge funds have also recently bought and sold shares of the company. American Century Companies Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 10.8% during the second quarter. American Century Companies Inc. now owns 348,986 shares of the bank’s stock worth $24,772,000 after purchasing an additional 33,908 shares during the last quarter. Legal & General Group Plc increased its stake in Canadian Imperial Bank of Commerce by 4.4% in the second quarter. Legal & General Group Plc now owns 6,183,439 shares of the bank’s stock valued at $438,056,000 after purchasing an additional 262,675 shares during the last quarter. Westerkirk Capital Inc. acquired a new position in Canadian Imperial Bank of Commerce in the second quarter valued at $3,379,000. Cumberland Partners Ltd lifted its position in Canadian Imperial Bank of Commerce by 50.0% during the second quarter. Cumberland Partners Ltd now owns 14,407 shares of the bank’s stock worth $1,021,000 after buying an additional 4,800 shares during the period. Finally, Vanguard Group Inc. lifted its position in Canadian Imperial Bank of Commerce by 3.5% during the second quarter. Vanguard Group Inc. now owns 41,410,285 shares of the bank’s stock worth $2,939,385,000 after buying an additional 1,382,123 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Down 0.9%

Shares of CM opened at $95.58 on Friday. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $105.00. The stock’s 50-day moving average is $96.06 and its two-hundred day moving average is $88.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market cap of $88.35 billion, a PE ratio of 13.93, a P/E/G ratio of 1.00 and a beta of 1.00.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.25. The business had revenue of $6.16 billion during the quarter, compared to analyst estimates of $5.53 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.20 earnings per share. Equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th will be given a $1.07 dividend. The ex-dividend date of this dividend is Friday, March 27th. This represents a $4.28 annualized dividend and a yield of 4.5%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 44.61%.

Analyst Ratings Changes

Several research firms have commented on CM. Raymond James Financial began coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They issued a “market perform” rating for the company. Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, March 10th. Zacks Research raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 4th. Finally, Barclays upgraded shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a report on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $107.50.

About Canadian Imperial Bank of Commerce

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.