Canadian Imperial Bank of Commerce $CM Holdings Raised by Lorne Steinberg Wealth Management Inc.

Lorne Steinberg Wealth Management Inc. grew its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 9.7% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 180,597 shares of the bank’s stock after acquiring an additional 16,028 shares during the period. Canadian Imperial Bank of Commerce comprises 3.4% of Lorne Steinberg Wealth Management Inc.’s investment portfolio, making the stock its 3rd biggest holding. Lorne Steinberg Wealth Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $12,957,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 40,028,162 shares of the bank’s stock valued at $2,251,664,000 after acquiring an additional 642,924 shares during the period. Bank of Nova Scotia raised its stake in shares of Canadian Imperial Bank of Commerce by 4.5% in the 1st quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank’s stock valued at $1,010,849,000 after acquiring an additional 773,174 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Canadian Imperial Bank of Commerce by 31.6% in the 1st quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank’s stock valued at $595,762,000 after acquiring an additional 2,538,808 shares during the period. Canada Pension Plan Investment Board raised its stake in shares of Canadian Imperial Bank of Commerce by 23.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 6,055,999 shares of the bank’s stock valued at $340,721,000 after acquiring an additional 1,133,715 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 405.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank’s stock valued at $292,032,000 after acquiring an additional 4,160,938 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Up 0.1%

NYSE CM opened at $80.28 on Monday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $82.23. The stock has a market capitalization of $74.63 billion, a PE ratio of 13.56, a price-to-earnings-growth ratio of 1.71 and a beta of 1.03. The firm has a 50 day moving average of $78.17 and a two-hundred day moving average of $70.90.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The company had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.12 billion. During the same quarter in the previous year, the business posted $1.93 EPS. The firm’s revenue was up 3.3% on a year-over-year basis. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS 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. Shareholders of record on Monday, September 29th will be issued a dividend of $0.97 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. The ex-dividend date is Monday, September 29th. This represents a $3.88 annualized dividend and a yield of 4.8%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 47.64%.

Analysts Set New Price Targets

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

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.