Maryland State Retirement & Pension System Acquires 10,498 Shares of Canadian Imperial Bank of Commerce $CM

Maryland State Retirement & Pension System boosted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 7.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 154,240 shares of the bank’s stock after buying an additional 10,498 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Canadian Imperial Bank of Commerce were worth $12,322,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Salem Investment Counselors Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at approximately $30,000. Toth Financial Advisory Corp bought a new position in Canadian Imperial Bank of Commerce in the 3rd quarter valued at approximately $32,000. AdvisorNet Financial Inc boosted its position in Canadian Imperial Bank of Commerce by 300.0% in the third quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock valued at $32,000 after buying an additional 300 shares in the last quarter. Ameritas Advisory Services LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth $34,000. Finally, Atlantic Union Bankshares Corp acquired a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth $35,000. Institutional investors own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

CM has been the topic of a number of research reports. Zacks Research upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 31st. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Finally, Raymond James Financial started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They set a “market perform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $92.27 on Friday. The stock has a market capitalization of $85.69 billion, a PE ratio of 15.15, a PEG ratio of 1.26 and a beta of 1.02. The business’s 50 day simple moving average is $89.58 and its 200 day simple moving average is $81.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $94.16.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the previous year, the company earned $1.91 EPS. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. As a group, research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th will be paid a $1.07 dividend. The ex-dividend date of this dividend is Monday, December 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.6%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 50.25%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.