Park Avenue Securities LLC Has $460,000 Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Park Avenue Securities LLC lifted its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 11.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,078 shares of the bank’s stock after acquiring an additional 955 shares during the quarter. Park Avenue Securities LLC’s holdings in Canadian Imperial Bank of Commerce were worth $460,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Bruce G. Allen Investments LLC acquired a new position in Canadian Imperial Bank of Commerce in the 4th quarter worth about $33,000. Glassman Wealth Services raised its position in Canadian Imperial Bank of Commerce by 57.5% during the fourth quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock valued at $33,000 after acquiring an additional 253 shares in the last quarter. Janiczek Wealth Management LLC lifted its stake in Canadian Imperial Bank of Commerce by 34.9% in the fourth quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock valued at $41,000 after acquiring an additional 222 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Canadian Imperial Bank of Commerce by 574.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock worth $51,000 after acquiring an additional 908 shares in the last quarter. Finally, Principal Securities Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth $64,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Down 0.7 %

Canadian Imperial Bank of Commerce stock opened at $47.54 on Friday. The business’s 50-day simple moving average is $48.37 and its 200-day simple moving average is $47.79. Canadian Imperial Bank of Commerce has a 52 week low of $34.35 and a 52 week high of $51.14. The firm has a market capitalization of $44.83 billion, a PE ratio of 9.78, a PEG ratio of 1.91 and a beta of 1.06. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a return on equity of 13.06% and a net margin of 10.46%. The company had revenue of $4.54 billion during the quarter, compared to analyst estimates of $4.48 billion. Equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Friday, June 28th will be paid a dividend of $0.653 per share. This represents a $2.61 annualized dividend and a yield of 5.49%. The ex-dividend date is Friday, June 28th. Canadian Imperial Bank of Commerce’s payout ratio is currently 54.53%.

Wall Street Analyst Weigh In

CM has been the subject of several analyst reports. BMO Capital Markets lifted their price objective on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a research note on Friday, May 31st. Barclays initiated coverage on Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They set an “underweight” rating on the stock. Keefe, Bruyette & Woods upgraded Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. Finally, StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Thursday, June 20th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $67.00.

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 Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.