Fig Financial Advisory Services Inc. ADV Makes New Investment in Canadian Imperial Bank of Commerce $CM

Key Points

• Fig Financial Advisory Services acquired 15,265 shares of Canadian Imperial Bank of Commerce, valued at approximately $1.68 million, making CIBC about 1% of its portfolio. Institutional investors collectively own 49.88% of the company.
• Analysts maintain a generally positive outlook, with CIBC receiving a consensus “Moderate Buy” rating and an average price target of $167.00.
• CIBC recently exceeded quarterly earnings expectations, reporting $1.96 EPS and $5.97 billion in revenue. The bank also announced a C$1.07 quarterly dividend, representing a 4.0% annualized yield.

Fig Financial Advisory Services Inc. ADV acquired a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 15,265 shares of the bank's stock, valued at approximately $1,682,000. Canadian Imperial Bank of Commerce makes up about 1.0% of Fig Financial Advisory Services Inc. ADV's investment portfolio, making the stock its 27th largest position.

Other large investors have also added to or reduced their stakes in the company. Bell Investment Advisors Inc purchased a new position in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $36,000. Security National Bank of SO Dak purchased a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $42,000. Global Assets Advisory LLC bought a new position in Canadian Imperial Bank of Commerce in the 1st quarter valued at $54,000. SHP Wealth Management bought a new position in Canadian Imperial Bank of Commerce in the 4th quarter valued at $108,000. Finally, Manchester Capital Management LLC grew its position in shares of Canadian Imperial Bank of Commerce by 92.6% during the 4th quarter. Manchester Capital Management LLC now owns 1,256 shares of the bank's stock valued at $114,000 after purchasing an additional 604 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. TD Securities reaffirmed a "buy" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Keefe, Bruyette & Woods assumed coverage on Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They set a "market perform" rating for the company. Scotiabank restated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Weiss Ratings raised Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, August 27th. Finally, Royal Bank Of Canada reiterated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 28th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $108.33 on Thursday. The firm's fifty day moving average price is $115.80 and its 200-day moving average price is $112.06. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $98.89 billion, a P/E ratio of 14.46, a price-to-earnings-growth ratio of 1.10 and a beta of 1.02. Canadian Imperial Bank of Commerce has a fifty-two week low of $79.32 and a fifty-two week high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. The company had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.74 billion. On average, equities research analysts expect that Canadian Imperial Bank of Commerce will post 7.6 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th will be paid a C$1.07 dividend. The ex-dividend date of this dividend is Monday, September 28th. This represents a $4.28 annualized dividend and a yield of 4.0%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 41.26%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a diversified financial institution headquartered in Toronto, Ontario. The bank provides banking, lending, investment, wealth management and capital-markets services to individuals, businesses, institutions and governments.

CIBC's principal business areas include Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. Its offerings include deposit accounts, mortgages, personal and business loans, credit cards, investment products, financial planning, private wealth services, corporate finance, investment banking, advisory services and securities trading.

The institution was formed in 1961 through the merger of the Canadian Bank of Commerce, established in 1867, and the Imperial Bank of Canada, established in 1873.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.