Andra AP fonden Invests $4.52 Million in Canadian Imperial Bank of Commerce (NYSE:CM)

Andra AP fonden purchased a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 95,000 shares of the bank’s stock, valued at approximately $4,516,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CM. Ridgewood Investments LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth $29,000. EverSource Wealth Advisors LLC grew its stake in Canadian Imperial Bank of Commerce by 574.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock valued at $51,000 after acquiring an additional 908 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $51,000. Principal Securities Inc. acquired a new stake in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $64,000. Finally, Jones Financial Companies Lllp acquired a new stake in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $107,000. 49.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CM has been the topic of a number of research reports. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. UBS Group initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. Finally, BMO Capital Markets upped their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM opened at $61.22 on Thursday. The firm has a market cap of $57.73 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 1.79 and a beta of 1.06. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average is $52.60 and its two-hundred day moving average is $50.03. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $61.25.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.63%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.14 EPS. Research analysts expect that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

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 dividend of $0.652 per share. The ex-dividend date is Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.26%. Canadian Imperial Bank of Commerce’s payout ratio is currently 53.50%.

Canadian Imperial Bank of Commerce Company 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.