PNC Financial Services Group Inc. Has $2.45 Million Stake in Canadian Imperial Bank of Commerce $CM

PNC Financial Services Group Inc. increased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 21.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,519 shares of the bank’s stock after purchasing an additional 6,018 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $2,445,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CM. Vise Technologies Inc. acquired a new position in Canadian Imperial Bank of Commerce during the 2nd quarter worth $1,822,000. Scheer Rowlett & Associates Investment Management Ltd. raised its position in shares of Canadian Imperial Bank of Commerce by 3.4% during the second quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 418,123 shares of the bank’s stock worth $29,698,000 after acquiring an additional 13,584 shares during the last quarter. PCJ Investment Counsel Ltd. lifted its stake in shares of Canadian Imperial Bank of Commerce by 63.4% during the second quarter. PCJ Investment Counsel Ltd. now owns 53,110 shares of the bank’s stock valued at $3,772,000 after acquiring an additional 20,610 shares during the period. Aviva PLC boosted its holdings in Canadian Imperial Bank of Commerce by 6.7% in the second quarter. Aviva PLC now owns 703,005 shares of the bank’s stock valued at $49,892,000 after acquiring an additional 44,336 shares during the last quarter. Finally, AGF Management Ltd. boosted its holdings in Canadian Imperial Bank of Commerce by 15.2% in the second quarter. AGF Management Ltd. now owns 881,521 shares of the bank’s stock valued at $62,908,000 after acquiring an additional 116,190 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 1.1%

Shares of NYSE:CM opened at $85.87 on Wednesday. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $87.37. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $79.75 billion, a PE ratio of 14.50, a PEG ratio of 1.76 and a beta of 1.03. The company has a 50 day moving average price of $81.96 and a two-hundred day moving average price of $74.84.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The company had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.12 billion. During the same quarter in the previous year, the business earned $1.93 EPS. The firm’s revenue was up 3.3% on a year-over-year basis. Analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th were issued a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 4.5%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. The ex-dividend date was Monday, September 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 47.64%.

Analysts Set New Price Targets

Several analysts have weighed in on CM shares. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Finally, Royal Bank Of Canada upped 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 given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Company 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.