Pinnacle Financial Partners Inc Takes $7.84 Million Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Pinnacle Financial Partners Inc purchased a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 162,849 shares of the bank's stock, valued at approximately $7,840,000.

A number of other large investors have also recently made changes to their positions in CM. Bruce G. Allen Investments LLC bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at $33,000. NewEdge Advisors LLC raised its position in Canadian Imperial Bank of Commerce by 277.9% during the first quarter. NewEdge Advisors LLC now owns 1,126 shares of the bank's stock valued at $48,000 after purchasing an additional 828 shares in the last quarter. CENTRAL TRUST Co raised its position in Canadian Imperial Bank of Commerce by 77.8% during the third quarter. CENTRAL TRUST Co now owns 1,600 shares of the bank's stock valued at $70,000 after purchasing an additional 700 shares in the last quarter. Advisors Asset Management Inc. raised its position in Canadian Imperial Bank of Commerce by 22.7% during the third quarter. Advisors Asset Management Inc. now owns 2,420 shares of the bank's stock valued at $93,000 after purchasing an additional 448 shares in the last quarter. Finally, NBC Securities Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the third quarter valued at about $106,000. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Down 1.1 %

NYSE:CM traded down $0.56 during mid-day trading on Tuesday, reaching $49.82. 1,231,510 shares of the company's stock traded hands, compared to its average volume of 1,921,865. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $51.14. The firm has a market capitalization of $46.71 billion, a price-to-earnings ratio of 10.29, a PEG ratio of 2.38 and a beta of 1.06. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The company has a 50 day moving average price of $47.50 and a 200-day moving average price of $43.44.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings results on Thursday, February 29th. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.24 by $0.10. The company had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.47 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. On average, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.04 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 29th. Shareholders of record on Thursday, March 28th will be given a dividend of $0.6634 per share. This represents a $2.65 annualized dividend and a yield of 5.33%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Wednesday, March 27th. Canadian Imperial Bank of Commerce's payout ratio is presently 26.45%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CM shares. Bank of America upgraded Canadian Imperial Bank of Commerce from an "underperform" rating to a "neutral" rating in a research report on Monday, December 18th. Scotiabank upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to a "sector outperform" rating in a report on Tuesday, February 20th. Jefferies Financial Group assumed coverage on Canadian Imperial Bank of Commerce in a report on Thursday, February 22nd. They issued a "buy" rating on the stock. Barclays assumed coverage on Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They issued an "underweight" rating on the stock. Finally, National Bank Financial upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating in a report on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and a consensus target price of $63.00.

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.