Canadian Imperial Bank of Commerce $CM Shares Purchased by Algert Global LLC

Key Points

• Algert Global LLC increased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) by 22.2% in Q1, owning 28,806 shares valued at approximately $1.62 million.
• Multiple institutional investors have significantly boosted their stakes, including Barclays PLC, which raised its holdings by 106.4%, now owning 49,885 shares worth about $3.15 million.
• Canadian Imperial Bank of Commerce recently announced a dividend increase to $0.7024 per share, representing an annual yield of 3.8%, up from its previous quarterly rate.

Algert Global LLC boosted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 22.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,806 shares of the bank's stock after acquiring an additional 5,229 shares during the quarter. Algert Global LLC's holdings in Canadian Imperial Bank of Commerce were worth $1,622,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CM. HM Payson & Co. bought a new stake in Canadian Imperial Bank of Commerce during the first quarter worth approximately $29,000. TruNorth Capital Management LLC increased its stake in Canadian Imperial Bank of Commerce by 156.0% during the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock worth $29,000 after acquiring an additional 312 shares during the last quarter. Private Trust Co. NA increased its stake in Canadian Imperial Bank of Commerce by 40.0% during the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock worth $44,000 after acquiring an additional 223 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Canadian Imperial Bank of Commerce by 51.1% during the first quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock worth $51,000 after acquiring an additional 305 shares during the last quarter. Finally, NBC Securities Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 121,800.0% during the first quarter. NBC Securities Inc. now owns 1,219 shares of the bank's stock valued at $68,000 after buying an additional 1,218 shares during the period. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Up 2.0%

Shares of CM stock traded up $1.45 during trading hours on Wednesday, reaching $75.26. 2,387,529 shares of the company's stock were exchanged, compared to its average volume of 1,243,702. The stock's 50 day moving average is $72.39 and its 200-day moving average is $65.33. The company has a market cap of $69.96 billion, a price-to-earnings ratio of 13.23, a P/E/G ratio of 1.62 and a beta of 1.06. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $75.73.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $4.78 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%.The business's quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.75 earnings per share. Analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 28th. Investors of record on Friday, June 27th were given a $0.7024 dividend. This represents a $2.81 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Friday, June 27th. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's payout ratio is currently 49.56%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CM. Royal Bank Of Canada boosted their target price on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Scotiabank began coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating for the company. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. BMO Capital Markets boosted their target price on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Finally, National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of "Moderate Buy" and an average target price of $109.00.

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.