FNY Investment Advisers LLC Makes New Investment in Canadian Imperial Bank of Commerce $CM

FNY Investment Advisers LLC bought a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 7,700 shares of the bank’s stock, valued at approximately $697,000.

Other hedge funds have also made changes to their positions in the company. Parallel Advisors LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 3.5% during the third quarter. Parallel Advisors LLC now owns 3,404 shares of the bank’s stock valued at $272,000 after buying an additional 116 shares during the period. Brown Advisory Inc. lifted its stake in Canadian Imperial Bank of Commerce by 2.6% in the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock worth $445,000 after acquiring an additional 160 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Canadian Imperial Bank of Commerce by 8.9% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,962 shares of the bank’s stock worth $157,000 after acquiring an additional 161 shares in the last quarter. Checchi Capital Advisers LLC increased its position in Canadian Imperial Bank of Commerce by 3.7% during the 3rd quarter. Checchi Capital Advisers LLC now owns 4,799 shares of the bank’s stock valued at $383,000 after purchasing an additional 169 shares during the period. Finally, Pacifica Partners Inc. increased its position in Canadian Imperial Bank of Commerce by 12.1% during the 3rd quarter. Pacifica Partners Inc. now owns 1,756 shares of the bank’s stock valued at $141,000 after purchasing an additional 190 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CM shares. Barclays raised shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research report on Thursday, February 19th. Zacks Research raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 4th. Finally, Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, March 10th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $96.21 on Friday. The company has a market capitalization of $88.34 billion, a PE ratio of 14.02, a P/E/G ratio of 1.00 and a beta of 1.00. The company has a 50-day simple moving average of $96.76 and a two-hundred day simple moving average of $89.86. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $105.00. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.02.

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

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 4.4%. The ex-dividend date is Friday, March 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 45.77%.

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.