Raymond James Trust N.A. Buys 527 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Raymond James Trust N.A. lifted its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,739 shares of the bank’s stock after acquiring an additional 527 shares during the period. Raymond James Trust N.A.’s holdings in Canadian Imperial Bank of Commerce were worth $965,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Ridgewood Investments LLC acquired a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $29,000. Blue Trust Inc. increased its position in Canadian Imperial Bank of Commerce by 571.6% during the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after buying an additional 623 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its stake in Canadian Imperial Bank of Commerce by 23.1% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after purchasing an additional 171 shares during the last quarter. City State Bank purchased a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $61,000. Finally, Whittier Trust Co. of Nevada Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $51,000. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Up 0.3 %

NYSE:CM opened at $65.42 on Monday. The firm has a market cap of $61.80 billion, a PE ratio of 12.85, a price-to-earnings-growth ratio of 1.71 and a beta of 1.06. The stock has a fifty day moving average price of $62.44 and a 200 day moving average price of $55.05. Canadian Imperial Bank of Commerce has a 12-month low of $37.97 and a 12-month high of $65.54. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The company had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.28 billion. During the same period last year, the firm earned $1.14 earnings per share. Canadian Imperial Bank of Commerce’s quarterly revenue was up 12.9% on a year-over-year basis. Sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 5.27 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were paid a dividend of $0.652 per share. This represents a $2.61 annualized dividend and a yield of 3.99%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.26%.

Analysts Set New Price Targets

Several analysts have weighed in on CM shares. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Finally, Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $81.00.

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.