Scotia Capital Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 6.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,597,515 shares of the bank’s stock after purchasing an additional 89,911 shares during the period. Canadian Imperial Bank of Commerce comprises 1.5% of Scotia Capital Inc.’s investment portfolio, making the stock its 15th biggest position. Scotia Capital Inc. owned about 0.36% of Canadian Imperial Bank of Commerce worth $125,331,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in CM. Heritage Wealth Advisors purchased a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter worth about $31,000. Meridian Wealth Management LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter worth approximately $32,000. Advisory Alpha LLC acquired a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at approximately $41,000. CWM LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 86.7% during the 2nd quarter. CWM LLC now owns 758 shares of the bank’s stock worth $60,000 after acquiring an additional 352 shares in the last quarter. Finally, Cornerstone Advisors Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 22.1% in the 1st quarter. Cornerstone Advisors Inc. now owns 846 shares of the bank’s stock worth $67,000 after acquiring an additional 153 shares during the last quarter. 44.54% of the stock is owned by institutional investors and hedge funds.

NYSE CM traded up $1.05 on Wednesday, hitting $81.25. 48,779 shares of the company were exchanged, compared to its average volume of 574,168. Canadian Imperial Bank of Commerce has a 1-year low of $72.96 and a 1-year high of $96.98. The firm has a 50 day moving average of $76.83 and a two-hundred day moving average of $80.02. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.16. The company has a market cap of $35.68 billion, a P/E ratio of 8.72, a P/E/G ratio of 8.32 and a beta of 1.17.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 22nd. The bank reported $3.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.29 by $0.81. Canadian Imperial Bank of Commerce had a return on equity of 15.92% and a net margin of 18.39%. The company had revenue of $3.54 billion during the quarter, compared to analyst estimates of $3.50 billion. During the same period in the previous year, the company earned $3.08 EPS. Research analysts anticipate that Canadian Imperial Bank of Commerce will post 9.1 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be issued a $1.091 dividend. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.04. The ex-dividend date is Thursday, September 26th. This represents a $4.36 annualized dividend and a dividend yield of 5.37%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 44.33%.

A number of equities analysts recently weighed in on the company. Scotiabank reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, August 20th. Royal Bank of Canada reiterated a “hold” rating and set a $124.00 target price (down from $128.00) on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 23rd. BMO Capital Markets reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 23rd. TD Securities lowered shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Thursday, May 23rd. Finally, Canaccord Genuity cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Thursday, May 23rd. One research analyst has rated the stock with a sell rating and nine have issued a hold rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $120.67.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

Further Reading: Coverage Ratio

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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