Cumberland Partners Ltd Raises Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Cumberland Partners Ltd lifted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 152.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,102 shares of the bank’s stock after acquiring an additional 19,994 shares during the period. Cumberland Partners Ltd’s holdings in Canadian Imperial Bank of Commerce were worth $2,033,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Toronto Dominion Bank boosted its stake in Canadian Imperial Bank of Commerce by 17.9% during the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after buying an additional 3,942,894 shares during the last quarter. M&G Plc purchased a new position in shares of Canadian Imperial Bank of Commerce in the 1st quarter worth approximately $8,221,000. Cetera Advisors LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $1,278,000. Legal & General Group Plc lifted its stake in shares of Canadian Imperial Bank of Commerce by 3.3% during the 2nd 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. Finally, Ritholtz Wealth Management raised its position in Canadian Imperial Bank of Commerce by 140.6% during the 3rd 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 in the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock traded down $0.26 during mid-day trading on Tuesday, reaching $64.25. 46,862 shares of the stock traded hands, compared to its average volume of 1,402,519. The business has a 50-day moving average of $61.65 and a 200 day moving average of $53.99. Canadian Imperial Bank of Commerce has a fifty-two week low of $37.46 and a fifty-two week high of $65.09. The stock has a market capitalization of $60.69 billion, a PE ratio of 12.67, a PEG ratio of 1.86 and a beta of 1.06. The company has a quick ratio of 1.05, a current 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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. The business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The business’s revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.14 earnings per share. On average, analysts predict that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were given a $0.652 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.06%. Canadian Imperial Bank of Commerce’s payout ratio is 52.46%.

Analyst Ratings Changes

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

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.