6,931 Shares in Canadian Imperial Bank of Commerce $CM Purchased by Bristol Gate Capital Partners Inc.

Bristol Gate Capital Partners Inc. purchased a new position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the fourth quarter, HoldingsChannel reports. The fund purchased 6,931 shares of the bank’s stock, valued at approximately $629,000. Canadian Imperial Bank of Commerce makes up approximately 0.0% of Bristol Gate Capital Partners Inc.’s portfolio, making the stock its 27th largest holding.

A number of other institutional investors also recently bought and sold shares of CM. Canerector Inc. raised its stake in Canadian Imperial Bank of Commerce by 11,021.0% in the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock worth $1,776,913,000 after buying an additional 22,042,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Canadian Imperial Bank of Commerce by 10.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,349,841 shares of the bank’s stock worth $826,866,000 after buying an additional 980,811 shares in the last quarter. Nicola Wealth Management LTD. bought a new position in Canadian Imperial Bank of Commerce in the third quarter worth about $75,920,000. Vanguard Group Inc. raised its stake in Canadian Imperial Bank of Commerce by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank’s stock worth $3,907,078,000 after buying an additional 876,974 shares in the last quarter. Finally, Picton Mahoney Asset Management increased its stake in shares of Canadian Imperial Bank of Commerce by 69.1% during the third quarter. Picton Mahoney Asset Management now owns 1,477,258 shares of the bank’s stock valued at $118,022,000 after purchasing an additional 603,540 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

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

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

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently declared 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. The ex-dividend date was Friday, March 27th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.7%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 45.77%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CM. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, May 4th. Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Barclays raised shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday, February 19th. Raymond James Financial reaffirmed a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Finally, Weiss Ratings downgraded 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. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $107.50.

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.