Barometer Capital Management Inc. Acquires 15,760 Shares of Canadian Imperial Bank of Commerce $CM

Barometer Capital Management Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 27.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 72,660 shares of the bank’s stock after purchasing an additional 15,760 shares during the period. Canadian Imperial Bank of Commerce makes up about 2.8% of Barometer Capital Management Inc.’s portfolio, making the stock its 9th biggest holding. Barometer Capital Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $6,885,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Oslo Pensjonsforsikring AS acquired a new position in Canadian Imperial Bank of Commerce during the 1st quarter valued at about $132,000. Parallel Advisors LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 7.0% in the 1st quarter. Parallel Advisors LLC now owns 3,994 shares of the bank’s stock valued at $378,000 after acquiring an additional 261 shares during the last quarter. SEB Asset Management AB acquired a new stake in Canadian Imperial Bank of Commerce during the 1st quarter worth about $23,122,000. Mediolanum International Funds Ltd grew its holdings in Canadian Imperial Bank of Commerce by 142.8% during the first quarter. Mediolanum International Funds Ltd now owns 142,455 shares of the bank’s stock worth $13,086,000 after acquiring an additional 83,784 shares during the period. Finally, Assetmark Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 6.2% during the 1st quarter. Assetmark Inc. now owns 284,477 shares of the bank’s stock worth $26,954,000 after purchasing an additional 16,562 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CM shares. Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Zacks Research cut Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Raymond James Financial reiterated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Finally, Weiss Ratings lowered shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at $117.43 on Wednesday. The business’s fifty day moving average price is $113.67 and its 200 day moving average price is $104.01. Canadian Imperial Bank of Commerce has a 12-month low of $71.00 and a 12-month high of $122.50. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $107.20 billion, a PE ratio of 16.13, a P/E/G ratio of 1.27 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.08. The company had revenue of $5.89 billion during the quarter, compared to analysts’ expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.Canadian Imperial Bank of Commerce’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same period last year, the business posted $2.05 EPS. On average, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 42.58%.

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.