Hillsdale Investment Management Inc. Raises Holdings in Canadian Imperial Bank of Commerce $CM

Hillsdale Investment Management Inc. boosted its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 1,184,871 shares of the bank’s stock after purchasing an additional 19,134 shares during the period. Canadian Imperial Bank of Commerce comprises 2.9% of Hillsdale Investment Management Inc.’s holdings, making the stock its 2nd largest position. Hillsdale Investment Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $94,659,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of CM. Vanguard Group Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 2.0% in the third quarter. Vanguard Group Inc. now owns 42,220,867 shares of the bank’s stock valued at $3,373,827,000 after buying an additional 810,582 shares during the last quarter. Norges Bank acquired a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $730,245,000. CIBC Asset Management Inc raised its stake in Canadian Imperial Bank of Commerce by 4.0% in the 3rd quarter. CIBC Asset Management Inc now owns 9,910,976 shares of the bank’s stock valued at $791,049,000 after acquiring an additional 384,414 shares during the period. Geode Capital Management LLC lifted its holdings in Canadian Imperial Bank of Commerce by 19.7% during the 2nd quarter. Geode Capital Management LLC now owns 7,547,548 shares of the bank’s stock valued at $542,697,000 after purchasing an additional 1,244,271 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Canadian Imperial Bank of Commerce by 130.2% during the second quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock worth $519,312,000 after purchasing an additional 4,160,060 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. 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. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, January 21st. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Finally, Barclays upgraded Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE:CM opened at $99.56 on Friday. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $99.62. The company’s 50 day moving average price is $93.41 and its two-hundred day moving average price is $85.34. The firm has a market cap of $92.25 billion, a PE ratio of 16.35, a PEG ratio of 1.28 and a beta of 1.02. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13.

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, 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 business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same period in the previous year, the company posted $1.91 earnings per share. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. Equities research analysts predict 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 business also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Monday, December 29th. 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 is currently 50.25%.

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.