PCJ Investment Counsel Ltd. Increases Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

PCJ Investment Counsel Ltd. boosted its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 38.8% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 50,490 shares of the bank’s stock after acquiring an additional 14,120 shares during the quarter. PCJ Investment Counsel Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $3,097,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CM. Ridgewood Investments LLC acquired a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $29,000. Blue Trust Inc. lifted its position in Canadian Imperial Bank of Commerce by 571.6% during the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after acquiring an additional 623 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $51,000. Massmutual Trust Co. FSB ADV lifted its position in Canadian Imperial Bank of Commerce by 23.1% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock worth $56,000 after acquiring an additional 171 shares during the period. Finally, City State Bank acquired a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter worth about $61,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $64.33 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a twelve month low of $37.97 and a twelve month high of $65.09. The business has a 50-day moving average price of $62.20 and a 200 day moving average price of $54.69. The firm has a market cap of $60.77 billion, a PE ratio of 12.64, a P/E/G ratio of 1.84 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The firm had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same quarter in the previous year, the business earned $1.14 EPS. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 12.9% compared to the same quarter last year. Sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.34 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were paid a dividend of $0.652 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.05%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 52.26%.

Analysts Set New Price Targets

A number of analysts have commented on CM shares. Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. BMO Capital Markets boosted their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Finally, Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $81.00.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.