Northwestern Mutual Wealth Management Co. Acquires 8,173 Shares of Canadian Imperial Bank of Commerce $CM

Northwestern Mutual Wealth Management Co. increased its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 120.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,959 shares of the bank’s stock after acquiring an additional 8,173 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Canadian Imperial Bank of Commerce were worth $1,355,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Sequoia Financial Advisors LLC increased its position in Canadian Imperial Bank of Commerce by 1.2% during the fourth quarter. Sequoia Financial Advisors LLC now owns 9,716 shares of the bank’s stock worth $880,000 after acquiring an additional 114 shares during the period. Parallel Advisors LLC increased its position in Canadian Imperial Bank of Commerce by 3.5% during the third quarter. Parallel Advisors LLC now owns 3,404 shares of the bank’s stock worth $272,000 after acquiring an additional 116 shares during the period. McIlrath & Eck LLC increased its position in Canadian Imperial Bank of Commerce by 7.1% during the fourth quarter. McIlrath & Eck LLC now owns 1,936 shares of the bank’s stock worth $175,000 after acquiring an additional 128 shares during the period. Bridgewater Advisors Inc. increased its position in Canadian Imperial Bank of Commerce by 4.2% during the fourth quarter. Bridgewater Advisors Inc. now owns 3,402 shares of the bank’s stock worth $311,000 after acquiring an additional 138 shares during the period. Finally, Fifth Third Bancorp increased its position in Canadian Imperial Bank of Commerce by 12.7% during the fourth quarter. Fifth Third Bancorp now owns 1,337 shares of the bank’s stock worth $121,000 after acquiring an additional 151 shares during the period. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at $108.99 on Monday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 12 month low of $67.46 and a 12 month high of $117.05. The firm has a market cap of $99.49 billion, a P/E ratio of 14.97, a P/E/G ratio of 1.17 and a beta of 1.02. The company’s 50-day moving average price is $107.14 and its two-hundred day moving average price is $98.28.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $5.89 billion for the quarter, compared to analyst estimates of $5.86 billion. During the same period last year, the firm earned $2.05 EPS. The business’s quarterly revenue was up 14.0% compared to the same quarter last year. On average, analysts anticipate 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 announced a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be issued a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 43.13%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Scotiabank lowered shares of Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research report on Monday, June 1st. Royal Bank Of Canada raised their price target on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Weiss Ratings downgraded shares of Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday. Finally, Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and an average target price of $167.00.

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.