Lockheed Martin Investment Management Co. Purchases Shares of 50,400 Canadian Imperial Bank of Commerce $CM

Lockheed Martin Investment Management Co. acquired a new position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the third quarter, according to its most recent filing with the SEC. The firm acquired 50,400 shares of the bank’s stock, valued at approximately $4,026,000.

Several other hedge funds have also recently made changes to their positions in the business. Brown Advisory Inc. lifted its stake in Canadian Imperial Bank of Commerce by 2.6% in the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock worth $445,000 after acquiring an additional 160 shares during the period. Janney Montgomery Scott LLC increased its position in Canadian Imperial Bank of Commerce by 0.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 53,477 shares of the bank’s stock valued at $3,788,000 after purchasing an additional 173 shares during the period. Pacifica Partners Inc. raised its holdings in Canadian Imperial Bank of Commerce by 12.1% in the 3rd quarter. Pacifica Partners Inc. now owns 1,756 shares of the bank’s stock worth $141,000 after purchasing an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 12.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock worth $128,000 after purchasing an additional 193 shares during the period. Finally, PDS Planning Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 4.0% during the 2nd quarter. PDS Planning Inc now owns 5,655 shares of the bank’s stock valued at $401,000 after purchasing an additional 217 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Canadian Imperial Bank of Commerce Stock Up 1.1%

Canadian Imperial Bank of Commerce stock opened at $92.49 on Friday. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $94.16. The stock has a fifty day simple moving average of $90.03 and a two-hundred day simple moving average of $82.04. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.13. The firm has a market cap of $85.90 billion, a price-to-earnings ratio of 15.19, a PEG ratio of 1.25 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, beating the consensus estimate of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same period last year, the firm posted $1.91 earnings per share. Canadian Imperial Bank of Commerce’s revenue was up 14.5% compared to the same quarter last year. Equities 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 firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th will be paid a dividend of $1.07 per share. The ex-dividend date is Monday, December 29th. This represents a $4.28 annualized dividend and a dividend yield of 4.6%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio is 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.