Smith Group Asset Management LLC Boosts Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Smith Group Asset Management LLC lifted its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 18.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 91,470 shares of the bank's stock after purchasing an additional 14,370 shares during the quarter. Smith Group Asset Management LLC's holdings in Canadian Imperial Bank of Commerce were worth $5,150,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Operose Advisors LLC purchased a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at $26,000. SBI Securities Co. Ltd. acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $30,000. Sandy Spring Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth about $32,000. IFP Advisors Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 318.1% in the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank's stock worth $34,000 after buying an additional 404 shares during the last quarter. Finally, Lee Danner & Bass Inc. acquired a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $44,000. Institutional investors and hedge funds own 49.88% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on CM. BMO Capital Markets boosted their price target on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, May 24th. Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating for the company. 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. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM traded up $0.35 during midday trading on Friday, reaching $72.06. 694,837 shares of the company's stock traded hands, compared to its average volume of 1,143,583. The company has a fifty day simple moving average of $67.37 and a two-hundred day simple moving average of $62.72. Canadian Imperial Bank of Commerce has a 1 year low of $47.55 and a 1 year high of $72.17. The company has a market cap of $67.75 billion, a P/E ratio of 12.66, a PEG ratio of 1.57 and a beta of 1.05. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $4.78 billion. During the same period last year, the firm posted $1.75 earnings per share. The company's revenue was up 13.9% 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 company also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be issued a $0.7024 dividend. This represents a $2.81 annualized dividend and a yield of 3.90%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date is Friday, June 27th. Canadian Imperial Bank of Commerce's payout ratio is presently 49.56%.

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.