Hillsdale Investment Management Inc. Boosts Stake in Canadian Imperial Bank of Commerce $CM

Hillsdale Investment Management Inc. boosted its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,184,871 shares of the bank’s stock after purchasing an additional 19,134 shares during the quarter. Canadian Imperial Bank of Commerce comprises about 2.9% of Hillsdale Investment Management Inc.’s investment portfolio, making the stock its 2nd largest holding. Hillsdale Investment Management Inc. owned about 0.13% of Canadian Imperial Bank of Commerce worth $94,659,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CM. Salem Investment Counselors Inc. acquired a new position in Canadian Imperial Bank of Commerce during the third quarter valued at approximately $30,000. Toth Financial Advisory Corp bought a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $32,000. AdvisorNet Financial Inc grew its position in shares of Canadian Imperial Bank of Commerce by 300.0% in the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock valued at $32,000 after purchasing an additional 300 shares during the period. Grey Fox Wealth Advisors LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at approximately $34,000. Finally, Atlantic Union Bankshares Corp bought a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $35,000. Institutional investors own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. 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. Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Barclays upgraded Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a report on Thursday. Finally, Raymond James Financial began coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They issued a “market perform” rating on the stock. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM opened at $99.56 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04. The business has a 50-day moving average of $93.41 and a 200-day moving average of $85.34. The stock has a market capitalization of $92.25 billion, a price-to-earnings ratio of 16.35, a PEG ratio of 1.28 and a beta of 1.02. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $99.62.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, beating the consensus estimate of $1.49 by $0.08. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The business’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.91 earnings per share. As a group, sell-side analysts predict 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 company also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Investors of record on Monday, December 29th were paid a $1.07 dividend. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. This represents a $4.28 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Monday, December 29th. 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.