Smith Group Asset Management LLC Boosts Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• Smith Group Asset Management LLC increased its stake in the Canadian Imperial Bank of Commerce by 6.1%, owning 97,030 shares valued at approximately $6.87 million as of the latest quarter.
• The Canadian Imperial Bank of Commerce reported $1.57 earnings per share for the quarter, exceeding expectations, with a revenue of $5.24 billion, marking a 3.3% year-on-year growth.
• Canadian Imperial Bank of Commerce increased its quarterly dividend from $0.70 to $0.97, yielding 4.8%, with the dividend payout ratio at 47.64%.

Smith Group Asset Management LLC grew its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 6.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 97,030 shares of the bank's stock after buying an additional 5,560 shares during the period. Smith Group Asset Management LLC's holdings in Canadian Imperial Bank of Commerce were worth $6,873,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the business. Parallel Advisors LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 5.1% during the second quarter. Parallel Advisors LLC now owns 3,288 shares of the bank's stock worth $233,000 after purchasing an additional 160 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 0.3% during the second quarter. Janney Montgomery Scott LLC now owns 53,477 shares of the bank's stock worth $3,788,000 after purchasing an additional 173 shares during the last quarter. Benjamin Edwards Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 5.3% during the first quarter. Benjamin Edwards Inc. now owns 4,320 shares of the bank's stock worth $243,000 after purchasing an additional 216 shares during the last quarter. PDS Planning Inc raised its holdings in shares of Canadian Imperial Bank of Commerce by 4.0% during the second quarter. PDS Planning Inc now owns 5,655 shares of the bank's stock worth $401,000 after purchasing an additional 217 shares during the last quarter. Finally, Private Trust Co. NA raised its holdings in shares of Canadian Imperial Bank of Commerce by 40.0% during the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock worth $44,000 after purchasing an additional 223 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Up 0.5%

Shares of NYSE CM opened at $81.54 on Friday. The company's 50-day simple moving average is $78.79 and its 200-day simple moving average is $71.38. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $82.23. The firm has a market cap of $75.79 billion, a price-to-earnings ratio of 13.77, a price-to-earnings-growth ratio of 1.72 and a beta of 1.03. 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 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. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The business had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same quarter last year, the business earned $1.93 earnings per share. The company's revenue for the quarter was up 3.3% compared to the same quarter last year. Equities analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be given a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 4.8%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 47.64%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CM. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, October 18th. Weiss Ratings reissued a "buy (b)" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Finally, 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 research report on Friday, August 29th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.