Gradient Investments LLC Has $2.09 Million Stake in Canadian Imperial Bank of Commerce $CM

Gradient Investments LLC increased its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 39.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 23,079 shares of the bank’s stock after buying an additional 6,498 shares during the period. Gradient Investments LLC’s holdings in Canadian Imperial Bank of Commerce were worth $2,091,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CM. Parallel Advisors LLC lifted its stake in Canadian Imperial Bank of Commerce by 3.5% in the third quarter. Parallel Advisors LLC now owns 3,404 shares of the bank’s stock valued at $272,000 after acquiring an additional 116 shares during the last quarter. Brown Advisory Inc. grew its position 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 in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 8.9% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,962 shares of the bank’s stock worth $157,000 after purchasing an additional 161 shares during the last quarter. Checchi Capital Advisers LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 3.7% during the 3rd quarter. Checchi Capital Advisers LLC now owns 4,799 shares of the bank’s stock valued at $383,000 after purchasing an additional 169 shares in the last quarter. Finally, Pacifica Partners Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 12.1% during the 3rd quarter. Pacifica Partners Inc. now owns 1,756 shares of the bank’s stock valued at $141,000 after purchasing an additional 190 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $96.64 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. The firm has a fifty day simple moving average of $96.24 and a 200-day simple moving average of $89.10. The stock has a market capitalization of $89.34 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 0.97 and a beta of 1.00. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $105.00.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.25. The business had revenue of $6.16 billion for the quarter, compared to analyst estimates of $5.53 billion. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. Canadian Imperial Bank of Commerce’s revenue was up 15.3% compared to the same quarter last year. During the same period last year, the business posted $2.20 EPS. On average, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

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

Analysts Set New Price Targets

CM has been the subject of a number of recent research reports. Zacks Research upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 4th. Barclays upgraded Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a report on Thursday, February 19th. Raymond James Financial started coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating for the company. Finally, Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, March 10th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $107.50.

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.