Algert Global LLC Increases Position in Canadian Imperial Bank of Commerce $CM

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 increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 22.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,806 shares of the bank's stock after acquiring an additional 5,229 shares during the period. 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 institutional investors and hedge funds also recently added to or reduced their stakes in CM. HM Payson & Co. purchased a new stake in Canadian Imperial Bank of Commerce in the 1st quarter worth about $29,000. TruNorth Capital Management LLC grew its stake in shares of 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 valued at $29,000 after buying an additional 312 shares during the last quarter. Private Trust Co. NA grew its stake in shares of 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 valued at $44,000 after buying an additional 223 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of 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 valued at $51,000 after buying an additional 305 shares during the last quarter. Finally, NBC Securities Inc. grew its stake 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 last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Up 0.1%

CM stock traded up $0.0950 during trading on Friday, hitting $73.1650. 1,508,258 shares of the company's stock traded hands, compared to its average volume of 1,203,165. The firm has a market capitalization of $68.01 billion, a P/E ratio of 12.86, a PEG ratio of 1.60 and a beta of 1.06. The business has a fifty day simple moving average of $72.07 and a two-hundred day simple moving average of $65.10. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $74.63.

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

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 28th. Shareholders of record on Friday, June 27th were issued a $0.7024 dividend. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 49.56%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CM. Scotiabank began coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating on the stock. National Bank Financial cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. BMO Capital Markets upped 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 note on Friday, May 30th. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Royal Bank Of Canada upped 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 note on Friday, May 30th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company 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.