Canadian Imperial Bank of Commerce $CM Stake Boosted by Gradient Investments LLC

Gradient Investments LLC raised its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 39.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,079 shares of the bank’s stock after buying an additional 6,498 shares during the quarter. Gradient Investments LLC’s holdings in Canadian Imperial Bank of Commerce were worth $2,091,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Salem Investment Counselors Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce in the third quarter worth approximately $30,000. Toth Financial Advisory Corp purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at approximately $32,000. AdvisorNet Financial Inc boosted its stake in Canadian Imperial Bank of Commerce by 300.0% in the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock worth $32,000 after purchasing an additional 300 shares during the period. Larson Financial Group LLC grew its position in Canadian Imperial Bank of Commerce by 119.7% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after purchasing an additional 219 shares in the last quarter. Finally, Grey Fox Wealth Advisors LLC purchased a new position in Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $34,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Up 2.5%

CM stock opened at $96.64 on Tuesday. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $105.00. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.13. The company has a market cap of $89.34 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 0.97 and a beta of 1.00. The company has a 50 day moving average of $96.24 and a two-hundred day moving average of $89.10.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 EPS for the quarter, beating the consensus estimate of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. The business had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $5.53 billion. During the same period in the previous year, the company posted $2.20 EPS. Canadian Imperial Bank of Commerce’s revenue was up 15.3% on a year-over-year basis. On average, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 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, April 28th. Shareholders of record on Friday, March 27th will be paid a $1.07 dividend. The ex-dividend date is Friday, March 27th. This represents a $4.28 dividend on an annualized basis and a yield of 4.4%. Canadian Imperial Bank of Commerce’s payout ratio is 44.61%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CM. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, March 10th. Raymond James Financial began coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They set a “market perform” rating on the stock. Zacks Research raised Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 4th. Finally, Barclays raised Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday, February 19th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $107.50.

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.