TD Waterhouse Canada Inc. Raises Holdings in Canadian Imperial Bank of Commerce $CM

TD Waterhouse Canada Inc. grew its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.2% in the third quarter, Holdings Channel reports. The firm owned 3,265,119 shares of the bank’s stock after buying an additional 102,715 shares during the quarter. Canadian Imperial Bank of Commerce accounts for about 1.7% of TD Waterhouse Canada Inc.’s portfolio, making the stock its 11th biggest position. TD Waterhouse Canada Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $260,901,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Salem Investment Counselors Inc. bought a new position in Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $30,000. Toth Financial Advisory Corp bought a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter worth approximately $32,000. AdvisorNet Financial Inc raised its holdings in shares of Canadian Imperial Bank of Commerce by 300.0% during the third quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock valued at $32,000 after purchasing an additional 300 shares during the last quarter. Ameritas Advisory Services LLC bought a new position in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $34,000. Finally, Grey Fox Wealth Advisors LLC purchased a new stake in Canadian Imperial Bank of Commerce in the third quarter worth approximately $34,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $93.21 on Thursday. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $94.16. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. The stock has a market cap of $86.37 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 1.27 and a beta of 1.02. The business has a 50-day simple moving average of $90.57 and a two-hundred day simple moving average of $82.67.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, beating the consensus estimate of $1.49 by $0.08. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.23 billion. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. The company’s revenue was up 14.5% on a year-over-year basis. During the same period last year, the firm earned $1.91 EPS. On average, analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were given a $1.07 dividend. The ex-dividend date was Monday, December 29th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. This represents a $4.28 annualized dividend and a dividend yield of 4.6%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 50.25%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CM shares. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. 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, December 31st. Finally, Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They issued a “market perform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Company 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.