Park Avenue Securities LLC Takes Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Park Avenue Securities LLC acquired 8,187 shares of the Canadian Imperial Bank of Commerce, valued at approximately $580,000, during the second quarter.
• Shares of Canadian Imperial Bank of Commerce recently opened at $80.74, with a market cap of $75.05 billion and a consensus rating of "Moderate Buy" from analysts.
• The bank announced an increased quarterly dividend of $0.97 per share, representing a yield of 4.8%, with the next payment scheduled for October 28th.

Park Avenue Securities LLC acquired a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 8,187 shares of the bank's stock, valued at approximately $580,000.

Several other hedge funds and other institutional investors have also bought and sold shares of CM. HM Payson & Co. bought a new position in Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $29,000. TruNorth Capital Management LLC boosted its stake in Canadian Imperial Bank of Commerce by 156.0% during the 1st 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. Truvestments Capital LLC bought a new position in Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $32,000. Private Trust Co. NA lifted its stake in Canadian Imperial Bank of Commerce by 40.0% in the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after buying an additional 223 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in Canadian Imperial Bank of Commerce by 51.1% in the first quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock valued at $51,000 after buying an additional 305 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Royal Bank Of Canada lifted their price target on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $80.74 on Monday. The company has a market cap of $75.05 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 1.72 and a beta of 1.03. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $82.09. The company's fifty day simple moving average is $75.86 and its 200 day simple moving average is $68.44. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. The business had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The firm's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.93 earnings per share. On average, research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be issued a dividend of $0.97 per share. The ex-dividend date is Monday, September 29th. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. This represents a $3.88 dividend on an annualized basis and a yield of 4.8%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 47.64%.

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.

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