Cidel Asset Management Inc. Increases Position in Canadian Imperial Bank of Commerce $CM

Cidel Asset Management Inc. increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.1% during the second quarter, HoldingsChannel reports. The firm owned 453,232 shares of the bank’s stock after acquiring an additional 9,410 shares during the period. Canadian Imperial Bank of Commerce comprises approximately 1.9% of Cidel Asset Management Inc.’s portfolio, making the stock its 15th biggest holding. Cidel Asset Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $32,107,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Parallel Advisors LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 5.1% in the 2nd quarter. Parallel Advisors LLC now owns 3,288 shares of the bank’s stock worth $233,000 after purchasing an additional 160 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 0.3% in the 2nd quarter. Janney Montgomery Scott LLC now owns 53,477 shares of the bank’s stock worth $3,788,000 after purchasing an additional 173 shares during the period. Benjamin Edwards Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 5.3% in the 1st quarter. Benjamin Edwards Inc. now owns 4,320 shares of the bank’s stock worth $243,000 after purchasing an additional 216 shares during the period. PDS Planning Inc raised its holdings in shares of Canadian Imperial Bank of Commerce by 4.0% in the 2nd quarter. PDS Planning Inc now owns 5,655 shares of the bank’s stock worth $401,000 after purchasing an additional 217 shares during the period. Finally, Private Trust Co. NA raised its holdings in shares of Canadian Imperial Bank of Commerce by 40.0% in the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank’s stock worth $44,000 after purchasing an additional 223 shares during the period. Institutional investors own 49.88% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CM shares. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Saturday. Royal Bank Of Canada boosted their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a report on Friday, August 29th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Trading Up 0.1%

Canadian Imperial Bank of Commerce stock opened at $80.28 on Friday. The stock has a market cap of $74.63 billion, a P/E ratio of 13.56, a PEG ratio of 1.71 and a beta of 1.03. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $82.23. The firm’s fifty day moving average price is $78.17 and its 200-day moving average price is $70.81. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.14. The firm had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The business’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.93 earnings per share. Equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be issued a $0.97 dividend. The ex-dividend date of this dividend is Monday, September 29th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. This represents a $3.88 annualized dividend and a dividend yield of 4.8%. Canadian Imperial Bank of Commerce’s payout ratio is currently 47.64%.

About Canadian Imperial Bank of Commerce

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.