Harvest Portfolios Group Inc. Acquires 2,172 Shares of Canadian Imperial Bank of Commerce $CM

Harvest Portfolios Group Inc. raised its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.1% in the 2nd quarter, Holdings Channel reports. The firm owned 54,922 shares of the bank’s stock after purchasing an additional 2,172 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $3,898,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Parallel Advisors LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 5.1% in the second quarter. Parallel Advisors LLC now owns 3,288 shares of the bank’s stock valued at $233,000 after buying an additional 160 shares during the period. Janney Montgomery Scott LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 0.3% in the second quarter. Janney Montgomery Scott LLC now owns 53,477 shares of the bank’s stock worth $3,788,000 after acquiring an additional 173 shares during the period. Benjamin Edwards Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 5.3% in the first quarter. Benjamin Edwards Inc. now owns 4,320 shares of the bank’s stock valued at $243,000 after acquiring an additional 216 shares during the last quarter. PDS Planning Inc boosted its holdings in Canadian Imperial Bank of Commerce by 4.0% in the second quarter. PDS Planning Inc now owns 5,655 shares of the bank’s stock valued at $401,000 after acquiring an additional 217 shares during the last quarter. Finally, Private Trust Co. NA increased its position in Canadian Imperial Bank of Commerce by 40.0% during the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank’s stock valued at $44,000 after purchasing an additional 223 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CM shares. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday. Finally, Royal Bank Of Canada lifted 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 investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Up 0.9%

Canadian Imperial Bank of Commerce stock opened at $84.12 on Friday. The company has a market capitalization of $78.13 billion, a PE ratio of 14.21, a PEG ratio of 1.76 and a beta of 1.03. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $84.32. The firm’s fifty day moving average is $80.65 and its 200 day moving average is $73.28. 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 (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.12 billion. During the same period last year, the company posted $1.93 earnings per share. The business’s quarterly revenue was up 3.3% on a year-over-year basis. As a group, sell-side analysts predict 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 announced a quarterly dividend, which was paid on Tuesday, October 28th. Investors of record on Monday, September 29th were given a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Monday, September 29th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 47.64%.

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.