Canadian Imperial Bank of Commerce $CM Shares Purchased by Cidel Asset Management Inc.

Cidel Asset Management Inc. grew its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 61.1% in the first quarter, HoldingsChannel.com reports. The fund owned 489,753 shares of the bank’s stock after acquiring an additional 185,671 shares during the quarter. Canadian Imperial Bank of Commerce comprises about 2.5% of Cidel Asset Management Inc.’s investment portfolio, making the stock its 10th biggest position. Cidel Asset Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $46,268,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CM. Larson Financial Group LLC raised its stake in Canadian Imperial Bank of Commerce by 119.7% in the third 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 bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $35,000. Lodestone Wealth Management LLC acquired a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $37,000. Aventura Private Wealth LLC acquired a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $69,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA increased its holdings in Canadian Imperial Bank of Commerce by 87.0% in the 3rd 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 period. 49.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented 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. 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. Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, June 1st. Scotiabank restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Finally, Weiss Ratings cut Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, June 4th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $167.00.

Canadian Imperial Bank of Commerce Stock Up 0.6%

Shares of NYSE CM opened at $114.73 on Wednesday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The company has a market cap of $104.73 billion, a price-to-earnings ratio of 15.76, a PEG ratio of 1.22 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 12 month low of $69.43 and a 12 month high of $117.05. The stock has a 50-day moving average price of $110.82 and a two-hundred day moving average price of $100.58.

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 for the quarter, beating analysts’ consensus estimates of $1.78 by $0.08. The company 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 firm’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same period last year, the company posted $2.05 EPS. As a group, analysts forecast that Canadian Imperial Bank of Commerce will post 7.43 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a yield of 3.7%. Canadian Imperial Bank of Commerce’s payout ratio is currently 42.58%.

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.