Frank Rimerman Advisors LLC Takes Position in Canadian Imperial Bank of Commerce $CM

Frank Rimerman Advisors LLC purchased a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,157 shares of the bank’s stock, valued at approximately $224,000.

Several other hedge funds have also recently bought and sold shares of the company. Truvestments Capital LLC bought a new position in Canadian Imperial Bank of Commerce in the 1st quarter worth about $32,000. Ameritas Advisory Services LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter valued at approximately $34,000. Atlantic Union Bankshares Corp acquired a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth approximately $35,000. Penserra Capital Management LLC grew its holdings in Canadian Imperial Bank of Commerce by 1,177.8% in the 2nd quarter. Penserra Capital Management LLC now owns 1,035 shares of the bank’s stock worth $72,000 after buying an additional 954 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Canadian Imperial Bank of Commerce by 576.9% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,638 shares of the bank’s stock worth $92,000 after buying an additional 1,396 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CM shares. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada increased their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Up 1.3%

NYSE CM opened at $84.02 on Friday. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $87.37. The company has a market capitalization of $78.03 billion, a P/E ratio of 14.19, a PEG ratio of 1.76 and a beta of 1.03. The company’s 50 day simple moving average is $82.23 and its 200 day simple moving average is $75.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. The firm had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $1.93 earnings per share. Equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 28th. Investors of record on Monday, September 29th were issued a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Monday, September 29th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce’s payout ratio is presently 47.64%.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.