Nexus Investment Management ULC Buys 472 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Nexus Investment Management ULC grew its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,502 shares of the bank’s stock after purchasing an additional 472 shares during the period. Nexus Investment Management ULC’s holdings in Canadian Imperial Bank of Commerce were worth $4,514,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Ridgewood Investments LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $51,000. Massmutual Trust Co. FSB ADV grew its position in shares of Canadian Imperial Bank of Commerce by 23.1% in the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after purchasing an additional 171 shares in the last quarter. City State Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter valued at approximately $61,000. Finally, Ninepoint Partners LP acquired a new position in Canadian Imperial Bank of Commerce in the second quarter valued at approximately $97,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Up 1.6 %

CM stock opened at $61.49 on Wednesday. The company has a fifty day simple moving average of $57.95 and a 200 day simple moving average of $52.03. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $62.67. The firm has a market cap of $57.98 billion, a PE ratio of 12.65, a PEG ratio of 1.82 and a beta of 1.07.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.14 earnings per share. Sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be paid a $0.652 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a yield of 4.24%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 54.73%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CM. StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Tuesday, October 8th. BMO Capital Markets upped their price target on shares of 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. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. UBS Group assumed coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They issued a “neutral” rating for the company. Finally, Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus 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.