Vanguard Group Inc. Increases Stock Position in Canadian Imperial Bank of Commerce $CM

Vanguard Group Inc. boosted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,220,867 shares of the bank’s stock after purchasing an additional 810,582 shares during the quarter. Vanguard Group Inc. owned about 4.55% of Canadian Imperial Bank of Commerce worth $3,373,827,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Salem Investment Counselors Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter valued at about $30,000. Toth Financial Advisory Corp acquired a new position in Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $32,000. AdvisorNet Financial Inc raised its stake in Canadian Imperial Bank of Commerce by 300.0% during the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock valued at $32,000 after acquiring an additional 300 shares during the last quarter. Grey Fox Wealth Advisors LLC acquired a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $34,000. Finally, Atlantic Union Bankshares Corp purchased a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $35,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CM shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, January 21st. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Raymond James Financial started coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They set a “market perform” rating for the company. Finally, Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Stock Up 0.3%

CM stock opened at $96.79 on Thursday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.13. The company’s 50-day moving average price is $93.17 and its 200 day moving average price is $85.06. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $98.50. The company has a market cap of $89.69 billion, a P/E ratio of 15.89, a P/E/G ratio of 1.28 and a beta of 1.02.

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

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th were issued a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 4.4%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date of this dividend was Monday, December 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 50.25%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.