Cardinal Capital Management Inc. Has $146.45 Million Position in Canadian Imperial Bank of Commerce $CM

Cardinal Capital Management Inc. reduced its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.8% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,831,480 shares of the bank’s stock after selling 14,589 shares during the quarter. Canadian Imperial Bank of Commerce comprises 4.2% of Cardinal Capital Management Inc.’s portfolio, making the stock its 5th biggest holding. Cardinal Capital Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $146,445,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Truvestments Capital LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth about $32,000. Ameritas Advisory Services LLC bought a new stake in Canadian Imperial Bank of Commerce during the second quarter worth approximately $34,000. Atlantic Union Bankshares Corp bought a new stake in Canadian Imperial Bank of Commerce during the second quarter worth approximately $35,000. Elevation Point Wealth Partners LLC acquired a new position in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $43,000. Finally, MAI Capital Management raised its position in shares of Canadian Imperial Bank of Commerce by 57.5% in the second quarter. MAI Capital Management now owns 737 shares of the bank’s stock valued at $52,000 after purchasing an additional 269 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

CM has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Royal Bank Of Canada raised their price target on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Finally, Raymond James Financial assumed coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating for the company. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Up 0.3%

Shares of CM opened at $93.18 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.04 and a current ratio of 1.04. The company has a 50-day simple moving average of $84.78 and a 200-day simple moving average of $77.77. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $93.59. The firm has a market capitalization of $86.54 billion, a P/E ratio of 15.30, a P/E/G ratio of 1.26 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.08. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.91 earnings per share. On average, equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th will be given a dividend of $1.07 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Monday, December 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 46.31%.

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.