Benjamin Edwards Inc. Makes New Investment in Canadian Imperial Bank of Commerce (NYSE:CM)

Benjamin Edwards Inc. purchased a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 8,564 shares of the bank’s stock, valued at approximately $525,000.

A number of other institutional investors also recently modified their holdings of CM. Cetera Investment Advisers lifted its holdings in Canadian Imperial Bank of Commerce by 59.7% during the 1st quarter. Cetera Investment Advisers now owns 47,872 shares of the bank’s stock worth $2,428,000 after purchasing an additional 17,894 shares in the last quarter. Lantz Financial LLC boosted its holdings in Canadian Imperial Bank of Commerce by 7.1% in the 2nd quarter. Lantz Financial LLC now owns 5,824 shares of the bank’s stock valued at $277,000 after purchasing an additional 385 shares during the period. Simplicity Wealth LLC grew its position in shares of Canadian Imperial Bank of Commerce by 3.9% during the 2nd quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock valued at $307,000 after purchasing an additional 240 shares in the last quarter. Addenda Capital Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 57.7% in the second quarter. Addenda Capital Inc. now owns 409,201 shares of the bank’s stock worth $19,453,000 after purchasing an additional 149,681 shares during the period. Finally, Naples Global Advisors LLC raised its position in shares of Canadian Imperial Bank of Commerce by 2.4% in the second quarter. Naples Global Advisors LLC now owns 89,630 shares of the bank’s stock worth $4,317,000 after buying an additional 2,143 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on CM. BMO Capital Markets boosted their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday. 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. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $97.00 price objective (up from $74.00) on shares of Canadian Imperial Bank of Commerce in a report on Friday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $89.00.

Canadian Imperial Bank of Commerce Trading Up 0.1 %

Shares of CM opened at $66.66 on Monday. 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 has a fifty-two week low of $42.28 and a fifty-two week high of $67.14. The firm has a 50 day moving average price of $63.10 and a 200-day moving average price of $56.16. The firm has a market cap of $62.97 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.67 and a beta of 1.06.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be given a dividend of $0.6912 per share. This represents a $2.76 annualized dividend and a yield of 4.15%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date is Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 49.91%.

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.