Creative Planning Boosts Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Creative Planning raised its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 12.8% during the third quarter, HoldingsChannel reports. The fund owned 67,492 shares of the bank’s stock after purchasing an additional 7,670 shares during the quarter. Creative Planning’s holdings in Canadian Imperial Bank of Commerce were worth $4,140,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ridgewood Investments LLC bought a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter valued at $29,000. Massmutual Trust Co. FSB ADV raised its holdings in Canadian Imperial Bank of Commerce by 23.1% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after acquiring an additional 171 shares during the period. City State Bank bought a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter valued at $61,000. Whittier Trust Co. of Nevada Inc. bought a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter valued at $51,000. Finally, Ninepoint Partners LP bought a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter valued at $97,000. Institutional investors own 49.88% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. UBS Group began coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. BMO Capital Markets upped their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Finally, Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of “Hold” and an average target price of $81.00.

Canadian Imperial Bank of Commerce Stock Up 0.5 %

Shares of NYSE:CM opened at $63.05 on Friday. Canadian Imperial Bank of Commerce has a 52-week low of $34.35 and a 52-week high of $63.15. The firm has a fifty day moving average of $59.36 and a 200 day moving average of $52.55. The firm has a market capitalization of $59.46 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 1.82 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The company had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same period in the previous year, the business earned $1.14 earnings per share. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be given a $0.652 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.14%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 54.73%.

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.