LRT Capital Management LLC Takes Position in Canadian Imperial Bank of Commerce $CM

LRT Capital Management LLC purchased a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 34,709 shares of the bank’s stock, valued at approximately $2,773,000. Canadian Imperial Bank of Commerce accounts for approximately 1.8% of LRT Capital Management LLC’s investment portfolio, making the stock its 23rd biggest position.

A number of other institutional investors have also recently bought and sold shares of CM. Salem Investment Counselors Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the third quarter valued at about $30,000. Toth Financial Advisory Corp purchased a new position in shares of Canadian Imperial Bank of Commerce in the third quarter worth approximately $32,000. AdvisorNet Financial Inc increased its position in shares of Canadian Imperial Bank of Commerce by 300.0% in the third quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock worth $32,000 after acquiring an additional 300 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 119.7% during the third quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock valued at $32,000 after acquiring an additional 219 shares during the period. Finally, Grey Fox Wealth Advisors LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter valued at approximately $34,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM opened at $97.54 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $90.17 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 0.99 and a beta of 1.00. The company has a 50 day simple moving average of $95.75 and a 200-day simple moving average of $88.45. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $105.00.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, February 26th. The bank reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.25. The firm had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $5.53 billion. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. The firm’s revenue was up 15.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.20 earnings per share. Equities research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Stockholders of record on Friday, March 27th will be issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Friday, March 27th. Canadian Imperial Bank of Commerce’s payout ratio is currently 44.61%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating for the company. Zacks Research raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 4th. Barclays upgraded Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a report on Thursday, February 19th. Finally, Weiss Ratings raised Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday, March 10th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and a consensus target price of $107.50.

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.