Baron Wealth Management LLC Makes New Investment in Canadian Imperial Bank of Commerce $CM

Key Points

• Baron Wealth Management LLC purchased 3,143 shares of Canadian Imperial Bank of Commerce for approximately $223,000 in the second quarter.
• The bank announced an increase in its quarterly dividend from $0.70 to $0.97 per share, representing an annual yield of 4.8%.
• Several analysts have raised their price targets for the bank, with a consensus rating of "Moderate Buy" and a price target of $107.50.

Baron Wealth Management LLC acquired a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,143 shares of the bank's stock, valued at approximately $223,000.

A number of other large investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 40,028,162 shares of the bank's stock valued at $2,251,664,000 after purchasing an additional 642,924 shares in the last quarter. Bank of Nova Scotia boosted its position in Canadian Imperial Bank of Commerce by 4.5% during the first quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank's stock valued at $1,010,849,000 after buying an additional 773,174 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Canadian Imperial Bank of Commerce by 31.6% during the 1st quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock worth $595,762,000 after acquiring an additional 2,538,808 shares during the period. Mackenzie Financial Corp increased its stake in shares of Canadian Imperial Bank of Commerce by 41.1% during the fourth quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock valued at $431,952,000 after purchasing an additional 1,990,520 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Canadian Imperial Bank of Commerce by 23.0% in the first quarter. Canada Pension Plan Investment Board now owns 6,055,999 shares of the bank's stock worth $340,721,000 after acquiring an additional 1,133,715 shares during the period. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Up 1.4%

NYSE:CM traded up $1.13 on Friday, reaching $81.57. The stock had a trading volume of 1,144,451 shares, compared to its average volume of 1,217,377. The company has a market cap of $75.83 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 1.76 and a beta of 1.03. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. The firm's fifty day moving average is $75.02 and its two-hundred day moving average is $67.48. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $81.66.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. The firm had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. Canadian Imperial Bank of Commerce's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.93 earnings per share. Equities analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CM shares. BMO Capital Markets lifted their price target on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Royal Bank Of Canada upped their price target on shares of 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. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, 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. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $107.50.

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.