Virtu Financial LLC Makes New $215,000 Investment in Canadian Imperial Bank of Commerce $CM

Key Points

• Virtu Financial LLC has acquired 3,827 shares of Canadian Imperial Bank of Commerce (NYSE:CM) valued at approximately $215,000 during the first quarter.
• Several institutional investors are increasing their stakes in CIBC, with notable purchases including Raymond James Financial's new position valued at $24.99 million.
• The quarterly earnings report showed a significant increase in revenue to $5.09 billion, surpassing analyst estimates, alongside a dividend increase to $0.7024 per share.

Virtu Financial LLC purchased a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,827 shares of the bank's stock, valued at approximately $215,000.

Several other large investors have also recently made changes to their positions in CM. Gradient Investments LLC increased its position in Canadian Imperial Bank of Commerce by 2.4% during the 1st quarter. Gradient Investments LLC now owns 8,278 shares of the bank's stock valued at $466,000 after buying an additional 191 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Canadian Imperial Bank of Commerce by 4.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock valued at $255,000 after buying an additional 194 shares in the last quarter. Benjamin Edwards Inc. increased its position in Canadian Imperial Bank of Commerce by 5.3% during the 1st quarter. Benjamin Edwards Inc. now owns 4,320 shares of the bank's stock valued at $243,000 after buying an additional 216 shares in the last quarter. Private Trust Co. NA increased its position in Canadian Imperial Bank of Commerce by 40.0% during 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 in the last quarter. Finally, PDS Planning Inc increased its position in Canadian Imperial Bank of Commerce by 5.2% during the 1st quarter. PDS Planning Inc now owns 5,438 shares of the bank's stock valued at $306,000 after buying an additional 271 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CM has been the topic of a number of research reports. Royal Bank Of Canada increased their price objective on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a report on Friday, May 30th. National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. BMO Capital Markets increased their price objective 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. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Scotiabank initiated coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock traded down $0.0850 during midday trading on Thursday, hitting $73.0350. 788,549 shares of the company were exchanged, compared to its average volume of 1,170,440. The firm has a market capitalization of $67.89 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.60 and a beta of 1.06. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.22 and a fifty-two week high of $74.63. The business has a fifty day simple moving average of $71.97 and a two-hundred day simple moving average of $65.00. 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 earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, topping the consensus estimate of $1.34 by $0.10. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates 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 for the quarter was up 13.9% compared to the same quarter last year. During the same period last year, the company earned $1.75 earnings per share. On average, sell-side analysts forecast 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 announced a quarterly dividend, which was paid on Monday, July 28th. Investors of record on Friday, June 27th were issued a dividend of $0.7024 per share. This represents a $2.81 annualized dividend and a yield of 3.8%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio is 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.