Gold Investment Management Ltd. Increases Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Gold Investment Management Ltd. raised its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CMFree Report) (TSE:CM) by 1.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 53,956 shares of the bank’s stock after buying an additional 953 shares during the period. Gold Investment Management Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $2,736,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CM. Norges Bank bought a new stake in Canadian Imperial Bank of Commerce in the fourth quarter worth about $404,008,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Canadian Imperial Bank of Commerce by 94.4% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,080,761 shares of the bank’s stock valued at $292,949,000 after purchasing an additional 2,952,277 shares during the last quarter. TD Asset Management Inc boosted its holdings in Canadian Imperial Bank of Commerce by 13.8% in the fourth quarter. TD Asset Management Inc now owns 22,550,346 shares of the bank’s stock valued at $1,091,089,000 after purchasing an additional 2,730,076 shares during the last quarter. FIL Ltd raised its position in shares of Canadian Imperial Bank of Commerce by 218.0% in the fourth quarter. FIL Ltd now owns 3,195,091 shares of the bank’s stock worth $153,841,000 after acquiring an additional 2,190,378 shares during the period. Finally, Mufg Securities Canada LTD. acquired a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth about $94,373,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Thursday, June 20th. Barclays initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They set an “underweight” rating for the company. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. UBS Group assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Finally, BMO Capital Markets lifted their price target on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a research note on Friday, May 31st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $67.00.

Read Our Latest Research Report on CM

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM traded up $0.43 during midday trading on Wednesday, hitting $48.95. The company had a trading volume of 2,228,940 shares, compared to its average volume of 1,544,024. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $46.16 billion, a price-to-earnings ratio of 10.07, a price-to-earnings-growth ratio of 1.90 and a beta of 1.06. The business has a 50-day simple moving average of $48.51 and a two-hundred day simple moving average of $47.90. Canadian Imperial Bank of Commerce has a twelve month low of $34.35 and a twelve month high of $51.14.

Canadian Imperial Bank of Commerce (NYSE:CMGet Free Report) (TSE:CM) last posted its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. The business had revenue of $4.54 billion during the quarter, compared to analyst estimates of $4.48 billion. Equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Stockholders of record on Friday, June 28th will be paid a $0.653 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.61 annualized dividend and a dividend yield of 5.34%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 53.70%.

Canadian Imperial Bank of Commerce Profile

(Free Report)

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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