Sequoia Financial Advisors LLC Makes New Investment in Canadian Imperial Bank of Commerce $CM

Key Points

• Sequoia Financial Advisors LLC has acquired a new stake in the Canadian Imperial Bank of Commerce, purchasing 6,504 shares valued at around $461,000 in the second quarter.
• The Canadian Imperial Bank of Commerce reported a quarterly EPS of $1.57, exceeding the estimated $1.43, alongside a revenue of $5.24 billion.
• The bank increased its quarterly dividend from $0.70 to $0.97 per share, resulting in an annualized yield of 4.8%.

Sequoia Financial Advisors LLC acquired a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 6,504 shares of the bank's stock, valued at approximately $461,000.

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 in the 1st quarter valued at about $29,000. TruNorth Capital Management LLC increased its holdings in Canadian Imperial Bank of Commerce by 156.0% in the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after buying an additional 312 shares during the period. Truvestments Capital LLC bought a new position in Canadian Imperial Bank of Commerce in the 1st quarter valued at about $32,000. Ameritas Advisory Services LLC bought a new position in Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $34,000. Finally, Private Trust Co. NA increased its holdings in Canadian Imperial Bank of Commerce by 40.0% in the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after buying an additional 223 shares during the period. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Up 0.6%

Shares of Canadian Imperial Bank of Commerce stock opened at $80.74 on Tuesday. The firm has a market capitalization of $75.05 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 1.71 and a beta of 1.03. 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 firm's 50 day moving average is $78.33 and its 200 day moving average is $71.06. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $82.23.

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 (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. The company had revenue of $5.24 billion for the quarter, compared to analyst estimates 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 was up 3.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.93 EPS. Equities 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 business also recently declared 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. 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 dividend yield of 4.8%. Canadian Imperial Bank of Commerce's payout ratio is presently 47.64%.

Analyst Upgrades and Downgrades

CM has been the topic of several recent analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Royal Bank Of Canada raised their target price 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. 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 investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce 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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