JARISLOWSKY FRASER Ltd Buys 9,771 Shares of Canadian Imperial Bank of Commerce $CM

JARISLOWSKY FRASER Ltd grew its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 21.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 55,674 shares of the bank’s stock after buying an additional 9,771 shares during the quarter. JARISLOWSKY FRASER Ltd’s holdings in Canadian Imperial Bank of Commerce were worth $4,450,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Parallel Advisors LLC lifted its position in Canadian Imperial Bank of Commerce by 5.1% in the 2nd quarter. Parallel Advisors LLC now owns 3,288 shares of the bank’s stock valued at $233,000 after acquiring an additional 160 shares in the last quarter. Brown Advisory Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 2.6% in the 2nd quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock valued at $445,000 after purchasing an additional 160 shares during the period. Janney Montgomery Scott LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 0.3% in the second 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 in the last quarter. Pacifica Partners Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 12.1% during the third quarter. Pacifica Partners Inc. now owns 1,756 shares of the bank’s stock worth $141,000 after buying an additional 190 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 12.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock worth $128,000 after buying an additional 193 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Trading Up 1.3%

NYSE CM opened at $91.82 on Friday. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $94.16. 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 stock has a 50 day moving average of $87.93 and a 200-day moving average of $79.95. The company has a market cap of $85.28 billion, a PE ratio of 15.08, a PEG ratio of 1.23 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 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.08. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.23 billion. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.91 EPS. On average, equities research analysts anticipate 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 announced a quarterly dividend, which will be paid on Wednesday, January 28th. Investors of record on Monday, December 29th will be issued a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Monday, December 29th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s payout ratio is presently 50.25%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CM shares. 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. Weiss Ratings reiterated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Raymond James Financial assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They set a “market perform” rating for the company. Finally, Zacks Research raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.