Keudell Morrison Wealth Management Invests $576,000 in Canadian Imperial Bank of Commerce $CM

Keudell Morrison Wealth Management bought a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 6,353 shares of the bank’s stock, valued at approximately $576,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CM. CIBC Bancorp USA Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $11,217,000. Mackenzie Financial Corp lifted its holdings in Canadian Imperial Bank of Commerce by 1.1% during the 3rd quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank’s stock valued at $509,763,000 after purchasing an additional 67,738 shares during the last quarter. Cidel Asset Management Inc. boosted its position in Canadian Imperial Bank of Commerce by 12.2% during the third quarter. Cidel Asset Management Inc. now owns 508,370 shares of the bank’s stock worth $40,632,000 after purchasing an additional 55,138 shares during the period. Fisher Asset Management LLC boosted its position in Canadian Imperial Bank of Commerce by 34.8% during the third quarter. Fisher Asset Management LLC now owns 1,686,816 shares of the bank’s stock worth $134,760,000 after purchasing an additional 435,799 shares during the period. Finally, Capital International Investors increased its holdings in shares of Canadian Imperial Bank of Commerce by 2.0% in the third quarter. Capital International Investors now owns 4,138,483 shares of the bank’s stock valued at $330,704,000 after purchasing an additional 79,591 shares during the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $115.56 on Friday. The firm has a 50-day moving average price of $104.32 and a two-hundred day moving average price of $96.42. Canadian Imperial Bank of Commerce has a 12-month low of $66.74 and a 12-month high of $116.12. The company has a market capitalization of $106.12 billion, a P/E ratio of 16.85, a P/E/G ratio of 1.20 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.13.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, February 26th. The bank reported $1.99 EPS for the quarter, topping the consensus estimate of $1.74 by $0.25. The company had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $5.53 billion. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. The business’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period last year, the firm earned $2.20 earnings per share. Analysts anticipate that Canadian Imperial Bank of Commerce will post 7.48 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 28th. Stockholders of record on Friday, March 27th were issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Friday, March 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 45.77%.

Analyst Ratings Changes

CM has been the topic of several research analyst reports. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Weiss Ratings lowered shares of Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Friday, April 17th. Scotiabank reissued an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, May 4th. Raymond James Financial restated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Finally, Barclays raised Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research report on Thursday, February 19th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and an average 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.