Nicola Wealth Management LTD. Takes $75.92 Million Position in Canadian Imperial Bank of Commerce $CM

Nicola Wealth Management LTD. acquired 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 institutional investor acquired 950,000 shares of the bank’s stock, valued at approximately $75,920,000. Canadian Imperial Bank of Commerce comprises about 6.8% of Nicola Wealth Management LTD.’s portfolio, making the stock its 2nd largest position. Nicola Wealth Management LTD. owned approximately 0.10% of Canadian Imperial Bank of Commerce at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Brown Advisory Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 2.6% in the 2nd 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. Janney Montgomery Scott LLC grew its stake in Canadian Imperial Bank of Commerce by 0.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 53,477 shares of the bank’s stock worth $3,788,000 after purchasing an additional 173 shares in the last quarter. Pacifica Partners Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 12.1% during the third quarter. Pacifica Partners Inc. now owns 1,756 shares of the bank’s stock worth $141,000 after purchasing an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Canadian Imperial Bank of Commerce by 12.0% in 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 last quarter. Finally, PDS Planning Inc increased its holdings in Canadian Imperial Bank of Commerce by 4.0% in the second quarter. PDS Planning Inc now owns 5,655 shares of the bank’s stock valued at $401,000 after buying an additional 217 shares during the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on CM shares. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Zacks Research upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 31st. Finally, Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Trading Down 1.2%

NYSE:CM opened at $91.55 on Tuesday. The company has a market capitalization of $84.83 billion, a PE ratio of 15.03, a price-to-earnings-growth ratio of 1.26 and a beta of 1.02. The stock has a fifty day simple moving average of $90.23 and a 200-day simple moving average of $82.45. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $94.16. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter last year, the firm earned $1.91 earnings per share. The business’s revenue was up 14.5% on a year-over-year basis. On average, equities 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, January 28th. Investors of record on Monday, December 29th will be issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Monday, December 29th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 50.25%.

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.