MQS Management LLC Acquires New Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

MQS Management LLC purchased a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 9,516 shares of the bank's stock, valued at approximately $536,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 1,307.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 788 shares of the bank's stock valued at $50,000 after acquiring an additional 732 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $24,997,000. Sequoia Financial Advisors LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 7.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 3,977 shares of the bank's stock valued at $251,000 after acquiring an additional 279 shares during the period. Natixis Advisors LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 6.3% in the fourth quarter. Natixis Advisors LLC now owns 49,849 shares of the bank's stock valued at $3,152,000 after acquiring an additional 2,957 shares during the period. Finally, Gold Investment Management Ltd. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 1.6% in the fourth quarter. Gold Investment Management Ltd. now owns 55,117 shares of the bank's stock valued at $3,486,000 after acquiring an additional 892 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on CM. BMO Capital Markets upped 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 note on Friday, May 30th. Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. Scotiabank began coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating for the company. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, May 24th. Finally, 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. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $109.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM traded up $0.43 during trading hours on Thursday, hitting $73.02. The company's stock had a trading volume of 800,236 shares, compared to its average volume of 1,124,844. The business's 50-day moving average is $69.04 and its two-hundred day moving average is $63.26. The company has a market capitalization of $68.15 billion, a PE ratio of 12.83, a PEG ratio of 1.57 and a beta of 1.05. 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 has a 52-week low of $47.55 and a 52-week high of $73.52.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $4.78 billion. During the same quarter last year, the business posted $1.75 earnings per share. The business's revenue for the quarter was up 13.9% on a year-over-year basis. As a group, 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 company also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be given a $0.7024 dividend. The ex-dividend date is Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 3.85%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 49.56%.

About Canadian Imperial Bank of Commerce

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.