ARQ Wealth Advisors LLC Buys Shares of 5,000 Canadian Imperial Bank of Commerce $CM

ARQ Wealth Advisors LLC bought a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the first quarter, HoldingsChannel reports. The firm bought 5,000 shares of the bank’s stock, valued at approximately $474,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $958,383,000. Mackenzie Financial Corp lifted its stake in Canadian Imperial Bank of Commerce by 69.3% in the 4th quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock valued at $986,173,000 after buying an additional 4,419,968 shares in the last quarter. FIL Ltd lifted its stake in Canadian Imperial Bank of Commerce by 26.1% in the 4th quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock valued at $1,156,438,000 after buying an additional 2,643,495 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Canadian Imperial Bank of Commerce by 24.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank’s stock valued at $808,281,000 after buying an additional 1,720,220 shares during the last quarter. Finally, Morgan Stanley increased its position in Canadian Imperial Bank of Commerce by 39.5% during the fourth quarter. Morgan Stanley now owns 4,988,745 shares of the bank’s stock worth $452,030,000 after buying an additional 1,412,363 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CM. Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Raymond James Financial reaffirmed a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Royal Bank Of Canada lifted their price objective on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Jefferies Financial Group reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Finally, Weiss Ratings lowered shares of Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, June 4th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and an average target price of $167.00.

Canadian Imperial Bank of Commerce Stock Up 0.2%

Shares of NYSE CM opened at $117.96 on Monday. The stock has a market capitalization of $107.68 billion, a PE ratio of 16.20, a P/E/G ratio of 1.27 and a beta of 1.02. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The firm has a fifty day moving average of $112.53 and a 200-day moving average of $102.68. Canadian Imperial Bank of Commerce has a 52-week low of $71.00 and a 52-week high of $118.08.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.08. The firm had revenue of $5.89 billion during the quarter, compared to the consensus estimate of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.05 earnings per share. On average, analysts anticipate that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be issued a dividend of $1.07 per share. The ex-dividend date is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.6%. Canadian Imperial Bank of Commerce’s payout ratio is presently 42.58%.

Canadian Imperial Bank of Commerce Company Profile

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.