Bank of New York Mellon Corp Buys 30,478 Shares of Canadian Imperial Bank of Commerce $CM

Bank of New York Mellon Corp boosted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.4% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 932,184 shares of the bank’s stock after purchasing an additional 30,478 shares during the period. Bank of New York Mellon Corp’s holdings in Canadian Imperial Bank of Commerce were worth $84,465,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in CM. Sivia Capital Partners LLC bought a new position in Canadian Imperial Bank of Commerce during the second quarter valued at about $262,000. EverSource Wealth Advisors LLC grew its position in Canadian Imperial Bank of Commerce by 12.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock valued at $128,000 after buying an additional 193 shares during the period. Brown Advisory Inc. grew its position in Canadian Imperial Bank of Commerce by 2.6% during the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock valued at $445,000 after buying an additional 160 shares during the period. Qube Research & Technologies Ltd grew its position in Canadian Imperial Bank of Commerce by 74.6% during the second quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank’s stock valued at $23,833,000 after buying an additional 143,588 shares during the period. Finally, NewEdge Advisors LLC grew its position in Canadian Imperial Bank of Commerce by 7,315.0% during the second quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank’s stock valued at $210,000 after buying an additional 2,926 shares during the period. Institutional investors own 49.88% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on CM. Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Scotiabank lowered shares of Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research report on Monday, June 1st. Raymond James Financial reiterated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Finally, Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $167.00.

Canadian Imperial Bank of Commerce Trading Up 0.7%

CM stock opened at $109.61 on Tuesday. The company has a market capitalization of $100.05 billion, a PE ratio of 15.06, a price-to-earnings-growth ratio of 1.17 and a beta of 1.02. Canadian Imperial Bank of Commerce has a one year low of $67.46 and a one year high of $117.05. The company’s 50 day moving average price is $107.44 and its two-hundred day moving average price is $98.45. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, topping the consensus estimate of $1.78 by $0.08. The firm had revenue of $5.89 billion for the quarter, compared to the consensus estimate of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The business’s revenue was up 14.0% compared to the same quarter last year. During the same period last year, the firm posted $2.05 earnings per share. As a group, analysts predict that Canadian Imperial Bank of Commerce will post 7.43 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be paid a dividend of $1.07 per share. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 annualized dividend and a dividend yield of 3.9%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 43.13%.

Canadian Imperial Bank of Commerce 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.