Verdence Capital Advisors LLC Boosts Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Verdence Capital Advisors LLC raised its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,435 shares of the bank’s stock after purchasing an additional 756 shares during the period. Verdence Capital Advisors LLC’s holdings in Canadian Imperial Bank of Commerce were worth $1,069,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Fiera Capital Corp increased its position in shares of Canadian Imperial Bank of Commerce by 2.1% during the third quarter. Fiera Capital Corp now owns 36,881 shares of the bank’s stock worth $2,265,000 after purchasing an additional 772 shares in the last quarter. Gold Investment Management Ltd. grew its stake in Canadian Imperial Bank of Commerce by 0.7% during the 3rd quarter. Gold Investment Management Ltd. now owns 54,225 shares of the bank’s stock worth $3,326,000 after buying an additional 387 shares during the last quarter. PDS Planning Inc increased its position in Canadian Imperial Bank of Commerce by 4.7% during the third quarter. PDS Planning Inc now owns 4,978 shares of the bank’s stock worth $305,000 after buying an additional 224 shares during the period. Van ECK Associates Corp lifted its stake in Canadian Imperial Bank of Commerce by 31.3% in the third quarter. Van ECK Associates Corp now owns 205,124 shares of the bank’s stock valued at $12,873,000 after buying an additional 48,843 shares during the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Canadian Imperial Bank of Commerce by 6.3% in the third quarter. US Bancorp DE now owns 15,280 shares of the bank’s stock valued at $937,000 after acquiring an additional 906 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CM shares. 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. BMO Capital Markets boosted their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Hold” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $64.33 on Monday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $60.77 billion, a P/E ratio of 12.64, a price-to-earnings-growth ratio of 1.84 and a beta of 1.06. The firm has a 50-day moving average price of $61.53 and a two-hundred day moving average price of $53.82. Canadian Imperial Bank of Commerce has a twelve month low of $37.29 and a twelve month high of $64.79.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data 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 return on equity of 13.50% and a net margin of 10.66%. The firm had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.28 billion. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.14 EPS. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 5.34 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were given a $0.652 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.05%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 52.46%.

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.