111 Capital Takes Position in Canadian Imperial Bank of Commerce $CM

Key Points

• 111 Capital acquired a new stake in Canadian Imperial Bank of Commerce, purchasing 15,819 shares for approximately $1,124,000 during the second quarter.
• The bank recently announced a quarterly dividend increase to $0.97, up from $0.70, representing an annualized yield of 4.8%.
• Canadian Imperial Bank of Commerce reported better-than-expected earnings with $1.57 EPS, surpassing analysts' consensus estimate of $1.43.

111 Capital bought a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 15,819 shares of the bank's stock, valued at approximately $1,124,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ameritas Advisory Services LLC purchased a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at approximately $34,000. TruNorth Capital Management LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 156.0% during the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after buying an additional 312 shares in the last quarter. HM Payson & Co. purchased a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at approximately $29,000. Truvestments Capital LLC purchased a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at approximately $32,000. Finally, Private Trust Co. NA lifted its position in shares of Canadian Imperial Bank of Commerce by 40.0% during the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after buying an additional 223 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Analyst Ratings Changes

CM has been the subject of several recent research reports. Weiss Ratings reissued a "buy (b)" rating on shares of Canadian Imperial Bank of Commerce in a research note on Saturday, September 27th. Royal Bank Of Canada increased their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Finally, Wall Street Zen downgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Saturday. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of "Moderate Buy" and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Stock Up 0.9%

Shares of CM opened at $81.44 on Friday. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $82.09. The company has a market capitalization of $75.71 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 1.73 and a beta of 1.03. The stock has a fifty day simple moving average of $76.50 and a two-hundred day simple moving average of $69.18. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The business had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.12 billion. During the same period last year, the company earned $1.93 EPS. The company's revenue for the quarter was up 3.3% on a year-over-year basis. As a group, equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be paid a $0.97 dividend. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Monday, September 29th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 4.8%. Canadian Imperial Bank of Commerce's dividend payout ratio is 47.64%.

Canadian Imperial Bank of Commerce 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.