Comerica Bank Grows Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Comerica Bank increased its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 17.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 42,524 shares of the bank’s stock after purchasing an additional 6,434 shares during the period. Comerica Bank’s holdings in Canadian Imperial Bank of Commerce were worth $3,635,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Liberty Wealth Management LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 50.9% during the 3rd quarter. Liberty Wealth Management LLC now owns 637 shares of the bank’s stock worth $53,000 after purchasing an additional 215 shares during the period. BB&T Securities LLC lifted its holdings in Canadian Imperial Bank of Commerce by 53.0% during the 3rd quarter. BB&T Securities LLC now owns 129,139 shares of the bank’s stock valued at $10,658,000 after buying an additional 44,747 shares in the last quarter. Grove Bank & Trust lifted its holdings in Canadian Imperial Bank of Commerce by 10.4% during the 3rd quarter. Grove Bank & Trust now owns 7,638 shares of the bank’s stock valued at $630,000 after buying an additional 717 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in Canadian Imperial Bank of Commerce by 19.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 39,222 shares of the bank’s stock valued at $3,238,000 after buying an additional 6,370 shares in the last quarter. Finally, Quest Capital Management Inc. ADV bought a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $116,000. 44.95% of the stock is owned by hedge funds and other institutional investors.

NYSE:CM opened at $86.93 on Friday. Canadian Imperial Bank of Commerce has a one year low of $72.96 and a one year high of $87.74. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $38.83 billion, a P/E ratio of 9.31, a P/E/G ratio of 3.08 and a beta of 1.18. The firm has a 50-day simple moving average of $83.88 and a 200-day simple moving average of $80.18.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, August 22nd. The bank reported $3.10 EPS for the quarter, beating the consensus estimate of $2.29 by $0.81. Canadian Imperial Bank of Commerce had a net margin of 18.39% and a return on equity of 15.92%. The business had revenue of $3.54 billion during the quarter, compared to analyst estimates of $3.50 billion. During the same quarter in the previous year, the business posted $3.08 EPS. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 9.14 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were issued a $1.091 dividend. The ex-dividend date was Thursday, September 26th. This represents a $4.36 annualized dividend and a dividend yield of 5.02%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.04. Canadian Imperial Bank of Commerce’s payout ratio is currently 46.36%.

CM has been the subject of a number of research analyst reports. BMO Capital Markets reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 23rd. National Bank Financial reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 23rd. Barclays reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, August 22nd. ValuEngine upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Zacks Investment Research lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Thursday. One analyst has rated the stock with a sell rating and nine have assigned a hold rating to the stock. Canadian Imperial Bank of Commerce currently has an average rating of “Hold” and a consensus target price of $120.67.

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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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