Smith Group Asset Management LLC Purchases 14,370 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Smith Group Asset Management LLC increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 18.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 91,470 shares of the bank's stock after purchasing an additional 14,370 shares during the period. Smith Group Asset Management LLC's holdings in Canadian Imperial Bank of Commerce were worth $5,150,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Rhumbline Advisers lifted its stake in Canadian Imperial Bank of Commerce by 12.6% during the fourth quarter. Rhumbline Advisers now owns 3,622 shares of the bank's stock worth $229,000 after purchasing an additional 404 shares during the last quarter. IFP Advisors Inc raised its holdings in shares of Canadian Imperial Bank of Commerce by 318.1% during the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank's stock worth $34,000 after buying an additional 404 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Canadian Imperial Bank of Commerce by 7.3% during the 4th quarter. Bank of New York Mellon Corp now owns 868,803 shares of the bank's stock worth $54,934,000 after buying an additional 58,830 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Canadian Imperial Bank of Commerce by 14.8% in the fourth quarter. Jones Financial Companies Lllp now owns 14,550 shares of the bank's stock valued at $920,000 after buying an additional 1,875 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $30,000. Institutional investors and hedge funds own 49.88% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CM. Royal Bank Of Canada upped their price target on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, May 24th. Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Finally, National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $109.00.

Canadian Imperial Bank of Commerce Stock Up 0.3%

NYSE:CM traded up $0.22 on Tuesday, hitting $71.05. The stock had a trading volume of 1,231,465 shares, compared to its average volume of 1,145,945. Canadian Imperial Bank of Commerce has a 1 year low of $47.11 and a 1 year high of $71.23. The firm's fifty day simple moving average is $66.46 and its two-hundred day simple moving average is $62.52. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $66.80 billion, a P/E ratio of 12.49, a price-to-earnings-growth ratio of 1.51 and a beta of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. The company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.78 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. Canadian Imperial Bank of Commerce's revenue was up 13.9% on a year-over-year basis. During the same period last year, the business posted $1.75 earnings per share. Analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be given a dividend of $0.7024 per share. The ex-dividend date is Friday, June 27th. This represents a $2.81 annualized dividend and a yield of 3.95%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 49.56%.

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.