Addenda Capital Inc. Raises Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Addenda Capital Inc. raised its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 13.8% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 259,520 shares of the bank’s stock after purchasing an additional 31,502 shares during the period. Addenda Capital Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $13,163,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CM. Bruce G. Allen Investments LLC bought a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at approximately $33,000. Glassman Wealth Services raised its position in shares of Canadian Imperial Bank of Commerce by 57.5% in the 4th quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock worth $33,000 after purchasing an additional 253 shares during the last quarter. Janiczek Wealth Management LLC boosted its stake in Canadian Imperial Bank of Commerce by 34.9% in the 4th quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock worth $41,000 after purchasing an additional 222 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Canadian Imperial Bank of Commerce by 574.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock valued at $51,000 after purchasing an additional 908 shares during the last quarter. Finally, Principal Securities Inc. bought a new stake in Canadian Imperial Bank of Commerce during the 4th quarter valued at about $64,000. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

CM traded down $0.99 during mid-day trading on Friday, reaching $47.53. 719,877 shares of the company traded hands, compared to its average volume of 1,566,894. The company’s fifty day moving average price is $48.37 and its 200-day moving average price is $47.76. The stock has a market capitalization of $44.82 billion, a P/E ratio of 9.78, a P/E/G ratio of 1.90 and a beta of 1.06. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15. Canadian Imperial Bank of Commerce has a 52-week low of $34.35 and a 52-week high of $51.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.07. The company had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.06% and a net margin of 10.46%. On average, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.653 per share. The ex-dividend date is Friday, June 28th. This represents a $2.61 dividend on an annualized basis and a yield of 5.50%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 53.70%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Barclays started coverage on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They set an “underweight” rating on the stock. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Thursday, June 20th. Keefe, Bruyette & Woods upgraded Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. Finally, BMO Capital Markets increased their price objective on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $67.00.

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.