Van ECK Associates Corp Raises Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Van ECK Associates Corp boosted its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 22.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 143,283 shares of the bank’s stock after acquiring an additional 26,065 shares during the period. Van ECK Associates Corp’s holdings in Canadian Imperial Bank of Commerce were worth $7,267,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Evergreen Capital Management LLC lifted its stake in Canadian Imperial Bank of Commerce by 43.8% during the third quarter. Evergreen Capital Management LLC now owns 8,536 shares of the bank’s stock worth $330,000 after purchasing an additional 2,602 shares during the last quarter. Legal & General Group Plc raised its stake in Canadian Imperial Bank of Commerce by 5.1% during the 3rd quarter. Legal & General Group Plc now owns 5,185,512 shares of the bank’s stock worth $201,082,000 after acquiring an additional 251,039 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Canadian Imperial Bank of Commerce by 10.0% in the third quarter. The Manufacturers Life Insurance Company now owns 2,698,340 shares of the bank’s stock valued at $104,903,000 after acquiring an additional 244,331 shares during the last quarter. Public Sector Pension Investment Board boosted its stake in Canadian Imperial Bank of Commerce by 177.6% in the third quarter. Public Sector Pension Investment Board now owns 990,605 shares of the bank’s stock valued at $38,415,000 after acquiring an additional 633,770 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Canadian Imperial Bank of Commerce by 8.7% in the third quarter. American Century Companies Inc. now owns 177,501 shares of the bank’s stock valued at $6,852,000 after acquiring an additional 14,141 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CM. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Thursday, June 20th. BMO Capital Markets increased their price objective on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a report on Friday, May 31st. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. UBS Group started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday. They set a “neutral” rating for the company. Finally, Barclays started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They set an “underweight” rating for the company. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $67.00.

Canadian Imperial Bank of Commerce Stock Down 0.4 %

Shares of Canadian Imperial Bank of Commerce stock opened at $48.27 on Friday. The company has a market cap of $45.52 billion, a P/E ratio of 9.93, a PEG ratio of 1.91 and a beta of 1.06. The firm has a fifty day moving average of $48.41 and a two-hundred day moving average of $47.88. 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 has a one year low of $34.35 and a one year high of $51.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.07. The company had revenue of $4.54 billion for the quarter, compared to analyst estimates of $4.48 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.06% and a net margin of 10.46%. On average, 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 firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Friday, June 28th will be given a $0.653 dividend. This represents a $2.61 annualized dividend and a yield of 5.41%. The ex-dividend date of this dividend is Friday, June 28th. Canadian Imperial Bank of Commerce’s payout ratio is 53.70%.

About Canadian Imperial Bank of Commerce

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.