Sagespring Wealth Partners LLC Invests $232,000 in Canadian Imperial Bank of Commerce $CM

Key Points

• Sagespring Wealth Partners LLC invested $232,000 in the Canadian Imperial Bank of Commerce, acquiring 3,279 shares during the second quarter.
• The bank recently reported quarterly earnings of $1.57 per share, exceeding analysts' expectations of $1.43, with revenues of $5.24 billion.
• Canadian Imperial Bank of Commerce announced a quarterly dividend increase to $0.97 per share, up from $0.70, reflecting a yield of 4.8%.

Sagespring Wealth Partners LLC acquired a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,279 shares of the bank's stock, valued at approximately $232,000.

Other hedge funds also recently modified their holdings of the company. HM Payson & Co. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter worth approximately $29,000. TruNorth Capital Management LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 156.0% in the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after purchasing an additional 312 shares in the last quarter. Truvestments Capital LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter valued at approximately $32,000. Ameritas Advisory Services LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter valued at approximately $34,000. Finally, Private Trust Co. NA increased its holdings in shares of 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 purchasing an additional 223 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Up 0.1%

Shares of NYSE CM opened at $80.28 on Friday. The company's fifty day moving average is $78.17 and its 200-day moving average is $70.81. The stock has a market cap of $74.63 billion, a price-to-earnings ratio of 13.56, a P/E/G ratio of 1.71 and a beta of 1.03. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $82.23. The company has a quick ratio of 1.04, a current 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 announced its quarterly 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 company had revenue of $5.24 billion for the quarter, compared to analysts' expectations 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 business's quarterly revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $1.93 earnings per share. Equities research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be given a dividend of $0.97 per share. 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. This represents a $3.88 annualized dividend and a yield of 4.8%. Canadian Imperial Bank of Commerce's payout ratio is presently 47.64%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Royal Bank Of Canada raised 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 report on Friday, August 29th. Weiss Ratings reissued a "buy (b)" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" and a consensus price target 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.

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