Canadian Imperial Bank of Commerce $CM Shares Acquired by Gradient Investments LLC

Gradient Investments LLC increased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 60.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 16,581 shares of the bank’s stock after purchasing an additional 6,226 shares during the period. Gradient Investments LLC’s holdings in Canadian Imperial Bank of Commerce were worth $1,325,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Canadian Imperial Bank of Commerce by 3.5% during the 2nd quarter. Vanguard Group Inc. now owns 41,410,285 shares of the bank’s stock worth $2,939,385,000 after buying an additional 1,382,123 shares during the last quarter. Norges Bank acquired a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $730,245,000. CIBC Asset Management Inc raised its holdings in Canadian Imperial Bank of Commerce by 2.3% during the second quarter. CIBC Asset Management Inc now owns 9,526,562 shares of the bank’s stock worth $675,987,000 after purchasing an additional 214,180 shares in the last quarter. Geode Capital Management LLC lifted its position in Canadian Imperial Bank of Commerce by 19.7% in the second quarter. Geode Capital Management LLC now owns 7,547,548 shares of the bank’s stock valued at $542,697,000 after purchasing an additional 1,244,271 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in Canadian Imperial Bank of Commerce by 130.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock valued at $519,312,000 after purchasing an additional 4,160,060 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th. Royal Bank Of Canada upped their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a report on Friday, August 29th. Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Finally, Raymond James Financial started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating on the stock. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $91.55 on Thursday. The firm has a market capitalization of $85.02 billion, a PE ratio of 15.03, a P/E/G ratio of 1.27 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $94.16. The firm’s 50-day simple moving average is $85.24 and its 200 day simple moving average is $78.04. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13.

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

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 28th. Investors of record on Monday, December 29th will be given a dividend of $1.07 per share. The ex-dividend date is Monday, December 29th. This represents a $4.28 annualized dividend and a dividend yield of 4.7%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s payout ratio is presently 46.31%.

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.