Addenda Capital Inc. Has $31.50 Million Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• Addenda Capital Inc. decreased its stake in Canadian Imperial Bank of Commerce by 2.1%, now holding 444,681 shares worth approximately $31.5 million.
• Canadian Imperial Bank of Commerce reported $1.57 EPS for the last quarter, beating analyst expectations of $1.43.
• The bank increased its quarterly dividend to $0.97, up from $0.70, representing an annualized dividend of $3.88 with a yield of 4.8%.

Addenda Capital Inc. decreased its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 2.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 444,681 shares of the bank's stock after selling 9,668 shares during the quarter. Canadian Imperial Bank of Commerce makes up about 1.4% of Addenda Capital Inc.'s investment portfolio, making the stock its 20th largest position. Addenda Capital Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $31,497,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of the business. Signaturefd LLC raised its position in shares of Canadian Imperial Bank of Commerce by 5.6% during the second quarter. Signaturefd LLC now owns 22,835 shares of the bank's stock worth $1,617,000 after acquiring an additional 1,219 shares during the last quarter. Five Oceans Advisors bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth approximately $226,000. Park Avenue Securities LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at $580,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at $316,000. Finally, Mn Services Vermogensbeheer B.V. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 3.5% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 180,300 shares of the bank's stock valued at $12,772,000 after acquiring an additional 6,100 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Royal Bank Of Canada raised their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $80.74 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $82.09. The firm has a market capitalization of $75.05 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 1.74 and a beta of 1.03. The company's 50-day moving average is $75.86 and its two-hundred day moving average is $68.35.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The firm had revenue of $5.24 billion during the quarter, compared to analysts' expectations of $5.12 billion. During the same quarter in the prior year, the business earned $1.93 EPS. Canadian Imperial Bank of Commerce's quarterly revenue was up 3.3% compared to the same quarter last year. 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 declared a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be given a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of 4.8%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Monday, September 29th. Canadian Imperial Bank of Commerce's payout ratio is currently 47.64%.

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.

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