Horizon Kinetics Asset Management LLC Invests $644,000 in Canadian Imperial Bank of Commerce (NYSE:CM)

Horizon Kinetics Asset Management LLC bought a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 10,500 shares of the bank’s stock, valued at approximately $644,000.

Several other large investors also recently bought and sold shares of the business. Toronto Dominion Bank grew its stake in shares of Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after buying an additional 3,942,894 shares in the last quarter. Cetera Advisors LLC purchased a new position in Canadian Imperial Bank of Commerce in the first quarter worth about $1,278,000. Legal & General Group Plc increased its stake in Canadian Imperial Bank of Commerce by 3.3% during the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after acquiring an additional 228,130 shares during the last quarter. Ritholtz Wealth Management raised its position in Canadian Imperial Bank of Commerce by 140.6% during the third quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock valued at $878,000 after purchasing an additional 8,362 shares during the period. Finally, CIBC Asset Management Inc raised its position in Canadian Imperial Bank of Commerce by 3.4% during the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after purchasing an additional 375,837 shares during the period. Institutional investors own 49.88% of the company’s stock.

Analysts Set New Price Targets

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

Canadian Imperial Bank of Commerce Trading Down 0.0 %

CM stock opened at $65.41 on Tuesday. Canadian Imperial Bank of Commerce has a 12 month low of $37.97 and a 12 month high of $65.89. The firm’s 50-day moving average is $62.52 and its 200 day moving average is $55.16. The company has a market capitalization of $61.78 billion, a PE ratio of 12.85, a P/E/G ratio of 1.71 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

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

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were issued a $0.652 dividend. This represents a $2.61 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 52.46%.

About Canadian Imperial Bank of Commerce

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.