FORA Capital LLC Buys New Position in Canadian Imperial Bank of Commerce $CM

Key Points

• FORA Capital LLC acquired 27,162 shares of the Canadian Imperial Bank of Commerce, valued at approximately $1,529,000, marking a new investment position in the bank.
• The bank reported $1.44 earnings per share for the last quarter, exceeding analysts' expectations of $1.34, with revenue increasing by 13.9% year-over-year.
• Canadian Imperial Bank of Commerce announced a quarterly dividend of $0.7024, resulting in an annualized dividend yield of 3.8%, up from the previous quarter's $0.67.

FORA Capital LLC purchased a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 27,162 shares of the bank's stock, valued at approximately $1,529,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. HM Payson & Co. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter valued at approximately $29,000. TruNorth Capital Management LLC increased its stake in Canadian Imperial Bank of Commerce by 156.0% during the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock worth $29,000 after acquiring an additional 312 shares during the last quarter. Private Trust Co. NA increased its stake in 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 worth $44,000 after acquiring an additional 223 shares during the last quarter. Farther Finance Advisors LLC increased its stake in 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 worth $51,000 after acquiring an additional 305 shares during the last quarter. Finally, NBC Securities Inc. increased its stake in Canadian Imperial Bank of Commerce by 121,800.0% during the first quarter. NBC Securities Inc. now owns 1,219 shares of the bank's stock worth $68,000 after acquiring an additional 1,218 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. National Bank Financial cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Royal Bank Of Canada raised their price target on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a research report on Friday. Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating for the company. Finally, BMO Capital Markets lifted their target price on 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. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Up 0.2%

NYSE CM traded up $0.18 during trading on Friday, reaching $77.20. 1,618,583 shares of the company's stock were exchanged, compared to its average volume of 1,294,676. The company has a 50 day moving average price of $72.72 and a two-hundred day moving average price of $65.57. The stock has a market cap of $71.75 billion, a P/E ratio of 13.04, a price-to-earnings-growth ratio of 1.69 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $77.73. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. The business had revenue of $5.24 billion during the quarter, compared to analysts' expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.79% and a net margin of 12.94%.The business's quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.93 EPS. On average, equities research analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be given a dividend of $0.97 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $3.88 annualized dividend and a dividend yield of 5.0%. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's payout ratio is currently 49.56%.

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.