Harvest Portfolios Group Inc. Purchases 6,709 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• Harvest Portfolios Group Inc. increased its stake in Canadian Imperial Bank of Commerce by 14.6%, acquiring an additional 6,709 shares, bringing their total holdings to 52,750 shares valued at approximately $2.97 million.
• Wall Street analysts have raised their price targets for Canadian Imperial Bank of Commerce, with BMO Capital Markets setting a new target of $102 and Royal Bank of Canada increasing theirs to $116, indicating continued optimism for the stock.
• The bank reported $1.44 earnings per share for the last quarter, surpassing estimates, with revenue increasing by 13.9% year-over-year and a recent dividend raise to $0.7024, providing a yield of 3.8%.

Harvest Portfolios Group Inc. increased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 14.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,750 shares of the bank's stock after purchasing an additional 6,709 shares during the period. Harvest Portfolios Group Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $2,967,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CM. Barclays PLC lifted its position in Canadian Imperial Bank of Commerce by 106.4% during the 4th quarter. Barclays PLC now owns 49,885 shares of the bank's stock worth $3,154,000 after acquiring an additional 25,712 shares during the last quarter. Integrated Wealth Concepts LLC lifted its position in Canadian Imperial Bank of Commerce by 2.8% during the 4th quarter. Integrated Wealth Concepts LLC now owns 15,106 shares of the bank's stock worth $955,000 after acquiring an additional 415 shares during the last quarter. Voya Investment Management LLC lifted its position in Canadian Imperial Bank of Commerce by 23.7% during the 4th quarter. Voya Investment Management LLC now owns 70,806 shares of the bank's stock worth $4,477,000 after acquiring an additional 13,575 shares during the last quarter. Northern Trust Corp lifted its position in Canadian Imperial Bank of Commerce by 38.9% during the 4th quarter. Northern Trust Corp now owns 626,852 shares of the bank's stock worth $39,636,000 after acquiring an additional 175,669 shares during the last quarter. Finally, Guardian Capital LP lifted its position in Canadian Imperial Bank of Commerce by 1.3% during the 4th quarter. Guardian Capital LP now owns 1,179,929 shares of the bank's stock worth $74,601,000 after acquiring an additional 15,061 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM traded up $0.18 during mid-day trading on Monday, hitting $77.20. The company's stock had a trading volume of 1,618,583 shares, compared to its average volume of 1,326,115. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $77.73. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $71.75 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 1.68 and a beta of 1.03. The stock has a fifty day moving average of $72.72 and a 200-day moving average of $65.59.

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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The firm had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.12 billion. During the same quarter in the prior year, the business posted $1.93 earnings per share. The company's quarterly revenue was up 3.3% compared to the same quarter last year. As a group, equities analysts forecast 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. Investors of record on Monday, September 29th will be given a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 5.0%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 47.30%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. BMO Capital Markets boosted their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Royal Bank Of Canada boosted their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a report on Friday. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Three research 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 has a consensus rating of "Moderate Buy" and an average target price of $107.50.

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.