Purpose Unlimited Inc. Purchases Shares of 260,539 Canadian Imperial Bank of Commerce $CM

Purpose Unlimited Inc. purchased a new position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 260,539 shares of the bank’s stock, valued at approximately $23,619,000. Canadian Imperial Bank of Commerce makes up approximately 1.1% of Purpose Unlimited Inc.’s portfolio, making the stock its 22nd biggest position.

A number of other institutional investors also recently bought and sold shares of the stock. Larson Financial Group LLC increased its stake in Canadian Imperial Bank of Commerce by 119.7% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock valued at $32,000 after purchasing an additional 219 shares in the last quarter. EFG International AG purchased a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth $35,000. Lodestone Wealth Management LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth $37,000. Aventura Private Wealth LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth $69,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA grew its holdings in shares of Canadian Imperial Bank of Commerce by 87.0% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank’s stock valued at $69,000 after buying an additional 400 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Up 0.0%

NYSE:CM opened at $111.72 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. The company’s fifty day moving average price is $110.36 and its 200-day moving average price is $100.09. Canadian Imperial Bank of Commerce has a 1-year low of $68.53 and a 1-year high of $117.05. The firm has a market capitalization of $101.98 billion, a P/E ratio of 15.35, a PEG ratio of 1.20 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its 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. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The company had revenue of $5.89 billion during the quarter, compared to the consensus estimate of $5.86 billion. During the same period in the previous year, the firm posted $2.05 earnings per share. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. As a group, equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 7.43 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be given a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 3.8%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 43.13%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, June 4th. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday. Raymond James Financial reiterated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Jefferies Financial Group reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Finally, Royal Bank Of Canada raised 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 note on Monday, June 1st. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $167.00.

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.