Ieq Capital LLC Acquires New Shares in Canadian Imperial Bank of Commerce $CM

Ieq Capital LLC bought a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 13,563 shares of the bank’s stock, valued at approximately $1,560,000.

Several other hedge funds have also recently modified their holdings of CM. Deutsche Bank AG purchased a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at approximately $237,643,000. Bank of Nova Scotia grew its position in Canadian Imperial Bank of Commerce by 0.5% in the 1st quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank’s stock worth $1,201,762,000 after purchasing an additional 57,210 shares during the period. Mediolanum International Funds Ltd raised its stake in Canadian Imperial Bank of Commerce by 142.8% during the 1st quarter. Mediolanum International Funds Ltd now owns 142,455 shares of the bank’s stock valued at $13,086,000 after buying an additional 83,784 shares during the last quarter. Investment Management Corp of Ontario raised its stake in Canadian Imperial Bank of Commerce by 38.6% during the 4th quarter. Investment Management Corp of Ontario now owns 290,749 shares of the bank’s stock valued at $26,345,000 after buying an additional 80,914 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Canadian Imperial Bank of Commerce by 2.0% during the 4th quarter. Legal & General Group Plc now owns 6,475,253 shares of the bank’s stock valued at $587,790,000 after buying an additional 125,069 shares during the period. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Down 0.2%

Shares of CM opened at $118.09 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 1 year low of $73.50 and a 1 year high of $124.86. The company has a 50 day simple moving average of $117.34 and a two-hundred day simple moving average of $108.84. The firm has a market cap of $107.80 billion, a P/E ratio of 16.22, a price-to-earnings-growth ratio of 1.23 and a beta of 1.01.

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, topping 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 the consensus estimate of $5.86 billion. During the same quarter in the previous year, the firm earned $2.05 earnings per share. The company’s quarterly revenue was up 14.0% compared to the same quarter last year. On average, equities analysts expect that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

CM has been the subject of a number of recent research reports. Scotiabank restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. TD Securities restated a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th. Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. Keefe, Bruyette & Woods started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. They set a “market perform” rating on the stock. Finally, Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $167.00.

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.