Icon Wealth Advisors LLC Buys 2,646 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Icon Wealth Advisors LLC raised its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 136.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,589 shares of the bank’s stock after buying an additional 2,646 shares during the period. Icon Wealth Advisors LLC’s holdings in Canadian Imperial Bank of Commerce were worth $281,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CM. Citigroup Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 5.2% in the third quarter. Citigroup Inc. now owns 352,332 shares of the bank’s stock valued at $21,636,000 after acquiring an additional 17,457 shares during the last quarter. Raymond James Trust N.A. boosted its stake in shares of Canadian Imperial Bank of Commerce by 3.5% in the 3rd quarter. Raymond James Trust N.A. now owns 15,739 shares of the bank’s stock valued at $965,000 after purchasing an additional 527 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,518,979 shares of the bank’s stock worth $154,679,000 after buying an additional 93,160 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Canadian Imperial Bank of Commerce by 32.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 112,033 shares of the bank’s stock worth $6,872,000 after buying an additional 27,291 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board lifted its holdings in Canadian Imperial Bank of Commerce by 55.8% in the third quarter. Ontario Teachers Pension Plan Board now owns 18,601 shares of the bank’s stock valued at $1,141,000 after buying an additional 6,665 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. BMO Capital Markets lifted their target price on 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. StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Finally, Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $65.42 on Friday. The business’s fifty day moving average is $62.44 and its 200 day moving average is $55.00. Canadian Imperial Bank of Commerce has a 12-month low of $37.97 and a 12-month high of $65.54. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $61.80 billion, a P/E ratio of 12.85, a P/E/G ratio of 1.71 and a beta of 1.06.

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, beating analysts’ consensus estimates 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 firm had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same period last year, the company earned $1.14 earnings per share. The business’s revenue was up 12.9% on a year-over-year basis. Sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 5.27 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were issued a $0.652 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 3.99%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.26%.

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.