Maryland State Retirement & Pension System Has $12.32 Million Holdings in Canadian Imperial Bank of Commerce $CM

Maryland State Retirement & Pension System lifted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 7.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 154,240 shares of the bank’s stock after buying an additional 10,498 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Canadian Imperial Bank of Commerce were worth $12,322,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of CM. Parallel Advisors LLC boosted its stake in Canadian Imperial Bank of Commerce by 5.1% during the second quarter. Parallel Advisors LLC now owns 3,288 shares of the bank’s stock worth $233,000 after acquiring an additional 160 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at about $262,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth about $316,000. Park Avenue Securities LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $580,000. Finally, Five Oceans Advisors bought a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $226,000. Institutional investors own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

CM has been the subject of a number of research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Raymond James Financial initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating for the company. Finally, Zacks Research upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 31st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Trading Up 0.2%

NYSE:CM opened at $92.27 on Friday. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $94.16. The firm has a 50-day moving average price of $89.58 and a two-hundred day moving average price of $81.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market cap of $85.69 billion, a price-to-earnings ratio of 15.15, a price-to-earnings-growth ratio of 1.26 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.Canadian Imperial Bank of Commerce’s revenue was up 14.5% on a year-over-year basis. During the same period last year, the business posted $1.91 earnings per share. On average, equities 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 firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th will be paid a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is 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 (DPR) is presently 50.25%.

About Canadian Imperial Bank of Commerce

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.