Canadian Imperial Bank of Commerce (NYSE:CM) is Cibc World Market Inc.’s 8th Largest Position

Cibc World Market Inc. increased its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 18.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,748,305 shares of the bank’s stock after purchasing an additional 3,143,734 shares during the period. Canadian Imperial Bank of Commerce accounts for 2.2% of Cibc World Market Inc.’s portfolio, making the stock its 8th biggest position. Cibc World Market Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $938,834,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Ridgewood Investments LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $29,000. EverSource Wealth Advisors LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 574.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock valued at $51,000 after acquiring an additional 908 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at $51,000. Principal Securities Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth about $64,000. Finally, Jones Financial Companies Lllp purchased a new stake in Canadian Imperial Bank of Commerce during the 4th quarter valued at about $107,000. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM opened at $61.22 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.06 and a quick ratio of 1.06. Canadian Imperial Bank of Commerce has a 1-year low of $34.35 and a 1-year high of $61.25. The stock has a market capitalization of $57.73 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 1.79 and a beta of 1.06. The business’s fifty day moving average price is $52.60 and its 200-day moving average price is $50.03.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. The company had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.63% and a net margin of 10.66%. Canadian Imperial Bank of Commerce’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.14 earnings per share. On average, equities analysts predict that Canadian Imperial Bank of Commerce will post 5.36 earnings per share 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, October 28th. Investors of record on Friday, September 27th will be given a dividend of $0.652 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.26%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 53.50%.

Analysts Set New Price Targets

Several research analysts have issued reports on CM shares. BMO Capital Markets lifted their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. UBS Group began coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They set a “neutral” rating on the stock. Finally, StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and an average target price of $81.00.

Canadian Imperial Bank of Commerce Profile

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.