Canadian Imperial Bank of Commerce (NYSE:CM) Shares Bought by Cerity Partners LLC

Cerity Partners LLC grew its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 110.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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.

A number of other hedge funds and other institutional investors have also modified their holdings of CM. Norges Bank purchased a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $570,477,000. Capital International Investors purchased a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth $424,386,000. FIL Ltd increased its stake in Canadian Imperial Bank of Commerce by 53.6% in the fourth quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock valued at $783,613,000 after purchasing an additional 4,321,451 shares during the period. JPMorgan Chase & Co. increased its stake in Canadian Imperial Bank of Commerce by 37.3% in the fourth quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank's stock valued at $508,566,000 after purchasing an additional 2,185,262 shares during the period. Finally, Mackenzie Financial Corp increased its stake in Canadian Imperial Bank of Commerce by 41.1% in 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 during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CM has been the topic of a number of recent research reports. Scotiabank initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a "sector outperform" rating on the stock. BMO Capital Markets lifted their price objective on shares of 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. National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. 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. Finally, Wall Street Zen lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce Stock Up 0.4%

Shares of NYSE:CM opened at $73.29 on Monday. The company has a market cap of $68.27 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 1.59 and a beta of 1.05. The firm's 50-day simple moving average is $69.23 and its 200-day simple moving average is $63.33. 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 fifty-two week low of $47.55 and a fifty-two week high of $73.52.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, beating the consensus estimate 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 net margin of 12.19% and a return on equity of 14.51%. The business's quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.75 earnings per share. As a group, equities research analysts predict 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 business also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be issued a dividend of $0.7024 per share. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a yield of 3.83%. This is an increase 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%.

Canadian Imperial Bank of Commerce 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.

Want to see what other hedge funds are holding CM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.