MidFirst Bank Invests $3.19 Million in Canadian Imperial Bank of Commerce $CM

MidFirst Bank purchased a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the second quarter, Holdings Channel reports. The firm purchased 27,782 shares of the bank’s stock, valued at approximately $3,195,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Larson Financial Group LLC lifted 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 buying an additional 219 shares during the last quarter. EFG International AG acquired a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at about $35,000. Bell Investment Advisors Inc acquired a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $36,000. Global Assets Advisory LLC bought a new position in Canadian Imperial Bank of Commerce in the 1st quarter worth about $54,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA increased its stake in shares of Canadian Imperial Bank of Commerce by 87.0% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank’s stock valued at $69,000 after purchasing an additional 400 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Down 0.2%

Shares of CM opened at $123.49 on Tuesday. The business’s 50-day moving average price is $116.61 and its 200 day moving average price is $107.68. The stock has a market capitalization of $112.73 billion, a P/E ratio of 16.96, a P/E/G ratio of 1.34 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 1-year low of $72.57 and a 1-year high of $124.86. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The firm had revenue of $5.89 billion for the quarter, compared to the consensus estimate of $5.86 billion. During the same quarter in the previous year, the company earned $2.05 EPS. The business’s revenue for the quarter was up 14.0% compared to the same quarter last year. Analysts expect that Canadian Imperial Bank of Commerce will post 7.33 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 28th. Investors of record on Monday, June 29th were given a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 42.58%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CM. Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, June 1st. 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. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Desjardins cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Tuesday, August 4th. Finally, Royal Bank Of Canada increased their price target on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and a consensus target price of $167.00.

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.