Assetmark Inc. Purchases 155,366 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• Assetmark Inc. increased its holdings in the Canadian Imperial Bank of Commerce by 186.3% in the 1st quarter, acquiring 155,366 shares to total 238,779 shares worth approximately $13.4 million.
• Multiple institutions, including American Century Companies and JPMorgan Chase, have also boosted their stakes in the bank, with institutional investors collectively owning 49.88% of the company's stock.
• The Canadian Imperial Bank of Commerce recently announced a quarterly dividend increase to $0.7024 from a previous $0.67, representing an annualized dividend of $2.81 and a yield of 3.80%.

Assetmark Inc. boosted its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 186.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 238,779 shares of the bank's stock after purchasing an additional 155,366 shares during the period. Assetmark Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $13,443,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Gradient Investments LLC lifted its stake in Canadian Imperial Bank of Commerce by 2.4% in the 1st quarter. Gradient Investments LLC now owns 8,278 shares of the bank's stock valued at $466,000 after purchasing an additional 191 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 4.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock valued at $255,000 after acquiring an additional 194 shares during the last quarter. Private Trust Co. NA raised 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 acquiring an additional 223 shares during the last quarter. PDS Planning Inc raised its stake in shares of Canadian Imperial Bank of Commerce by 5.2% during the first quarter. PDS Planning Inc now owns 5,438 shares of the bank's stock valued at $306,000 after acquiring an additional 271 shares during the last quarter. Finally, Farther Finance Advisors LLC raised 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 acquiring an additional 305 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Down 0.0%

NYSE:CM traded down $0.02 during trading hours on Monday, reaching $73.95. The company had a trading volume of 1,088,704 shares, compared to its average volume of 1,162,750. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. The firm has a market cap of $68.89 billion, a price-to-earnings ratio of 13.00, a P/E/G ratio of 1.60 and a beta of 1.05. The business's 50-day simple moving average is $70.11 and its two-hundred day simple moving average is $63.71. Canadian Imperial Bank of Commerce has a twelve month low of $47.55 and a twelve month high of $74.63.

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

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be given a dividend of $0.7024 per share. This represents a $2.81 dividend on an annualized basis and a dividend yield of 3.80%. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date is Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 49.56%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CM. Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating for the company. National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Royal Bank Of Canada raised their price target on shares of 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. Wall Street Zen downgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Finally, Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $109.00.

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.