Grantham Mayo Van Otterloo & Co. LLC Grows Stake in Canadian Imperial Bank of Commerce $CM

Grantham Mayo Van Otterloo & Co. LLC increased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 21.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 121,405 shares of the bank’s stock after purchasing an additional 21,804 shares during the period. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Canadian Imperial Bank of Commerce were worth $9,703,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brown Advisory Inc. increased its stake in Canadian Imperial Bank of Commerce by 2.6% during the 2nd quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock worth $445,000 after buying an additional 160 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 8.9% during the third quarter. EverSource Wealth Advisors LLC now owns 1,962 shares of the bank’s stock valued at $157,000 after acquiring an additional 161 shares during the last quarter. Checchi Capital Advisers LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 3.7% in the third quarter. Checchi Capital Advisers LLC now owns 4,799 shares of the bank’s stock valued at $383,000 after acquiring an additional 169 shares in the last quarter. Pacifica Partners Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 12.1% in the third quarter. Pacifica Partners Inc. now owns 1,756 shares of the bank’s stock worth $141,000 after acquiring an additional 190 shares during the last quarter. Finally, Baron Wealth Management LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 7.0% in the third quarter. Baron Wealth Management LLC now owns 3,364 shares of the bank’s stock worth $269,000 after acquiring an additional 221 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the company. Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They issued a “market perform” rating for the company. Barclays raised shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a report on Thursday, February 19th. Weiss Ratings reiterated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Finally, Zacks Research raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $97.89 on Tuesday. The business’s 50 day moving average price is $95.13 and its 200 day moving average price is $87.63. The company has a market cap of $90.49 billion, a price-to-earnings ratio of 14.27, a PEG ratio of 1.03 and a beta of 1.00. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.02 and a current ratio of 1.02. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $105.00.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a return on equity of 15.20% and a net margin of 15.15%.The company had revenue of $6.16 billion during the quarter, compared to analysts’ expectations of $5.53 billion. During the same period in the prior year, the business earned $2.20 EPS. The firm’s quarterly revenue was up 15.3% on a year-over-year basis. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Friday, March 27th will be issued a $1.07 dividend. The ex-dividend date of this dividend is Friday, March 27th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.4%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 44.61%.

Canadian Imperial Bank of Commerce Profile

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.