Cerity Partners LLC Increases Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Cerity Partners LLC raised its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 110.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,559 shares of the bank's stock after purchasing an additional 17,103 shares during the quarter. Cerity Partners LLC's holdings in Canadian Imperial Bank of Commerce were worth $1,833,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank's stock valued at $2,491,431,000 after purchasing an additional 749,843 shares in the last quarter. TD Asset Management Inc. lifted its position in Canadian Imperial Bank of Commerce by 3.7% during the fourth quarter. TD Asset Management Inc. now owns 23,600,495 shares of the bank's stock valued at $1,492,138,000 after buying an additional 851,164 shares during the period. Toronto Dominion Bank boosted its holdings in shares of Canadian Imperial Bank of Commerce by 1.1% during the 4th quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock valued at $1,398,619,000 after buying an additional 234,088 shares in the last quarter. FIL Ltd grew its position in shares of Canadian Imperial Bank of Commerce by 53.6% in the 4th quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock worth $783,613,000 after buying an additional 4,321,451 shares during the period. Finally, Norges Bank bought a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth about $570,477,000. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Down 0.6%

Shares of NYSE CM traded down $0.43 during midday trading on Thursday, hitting $73.85. The stock had a trading volume of 711,283 shares, compared to its average volume of 1,343,837. The company has a market cap of $68.79 billion, a P/E ratio of 12.98, a PEG ratio of 1.61 and a beta of 1.05. 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 business's 50 day moving average is $69.96 and its 200-day moving average is $63.63. Canadian Imperial Bank of Commerce has a 52 week low of $47.55 and a 52 week high of $74.63.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released 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. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The business had revenue of $5.09 billion for the quarter, compared to analysts' expectations of $4.78 billion. During the same period in the prior year, the firm posted $1.75 EPS. The firm's quarterly revenue was up 13.9% on a year-over-year basis. As a group, analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Friday, June 27th. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 annualized dividend and a dividend yield of 3.80%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 49.56%.

Wall Street Analyst Weigh In

Several research firms recently commented on CM. Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. BMO Capital Markets boosted their price target on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Royal Bank Of Canada upped their price target on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Wall Street Zen lowered Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Finally, National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target 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.