Fig Financial Advisory Services Inc. ADV Buys Shares of 19,444 Canadian Imperial Bank of Commerce $CM

Fig Financial Advisory Services Inc. ADV acquired a new position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 19,444 shares of the bank’s stock, valued at approximately $2,236,000. Canadian Imperial Bank of Commerce comprises 1.3% of Fig Financial Advisory Services Inc. ADV’s portfolio, making the stock its 16th biggest holding.

Other large investors have also recently made changes to their positions in the company. Sivia Capital Partners LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $262,000. EverSource Wealth Advisors LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 12.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock valued at $128,000 after purchasing an additional 193 shares in the last quarter. 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 during the period. Qube Research & Technologies Ltd increased its stake in Canadian Imperial Bank of Commerce by 74.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank’s stock worth $23,833,000 after buying an additional 143,588 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in Canadian Imperial Bank of Commerce by 7,315.0% during the 2nd quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank’s stock worth $210,000 after buying an additional 2,926 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CM shares. Scotiabank reiterated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Desjardins cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Tuesday, August 4th. TD Securities restated a “buy” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Zacks Research lowered Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Five research analysts have rated the stock with a Buy rating and four have given 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 a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Trading Down 1.4%

Shares of NYSE:CM opened at $121.70 on Wednesday. Canadian Imperial Bank of Commerce has a 52 week low of $72.57 and a 52 week high of $124.86. The company’s 50 day moving average is $116.83 and its two-hundred day moving average is $107.88. The company has a market cap of $111.09 billion, a PE ratio of 16.72, a P/E/G ratio of 1.34 and a beta of 1.01. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.08. The business had revenue of $5.89 billion during the quarter, compared to analysts’ expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The company’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.05 EPS. Equities analysts predict that Canadian Imperial Bank of Commerce will post 7.33 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th were issued a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce’s payout ratio is 42.58%.

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.