PNC Financial Services Group Inc. Buys 6,018 Shares of Canadian Imperial Bank of Commerce $CM

PNC Financial Services Group Inc. increased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 21.1% during the second quarter, HoldingsChannel reports. The fund owned 34,519 shares of the bank’s stock after buying an additional 6,018 shares during the period. PNC Financial Services Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $2,445,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CM. Truvestments Capital LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter valued at about $32,000. Ameritas Advisory Services LLC acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $34,000. Atlantic Union Bankshares Corp bought a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $35,000. Penserra Capital Management LLC boosted its position in Canadian Imperial Bank of Commerce by 1,177.8% during the 2nd quarter. Penserra Capital Management LLC now owns 1,035 shares of the bank’s stock worth $72,000 after acquiring an additional 954 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Canadian Imperial Bank of Commerce by 576.9% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,638 shares of the bank’s stock worth $92,000 after acquiring an additional 1,396 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $85.87 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. The company’s fifty day simple moving average is $81.96 and its 200 day simple moving average is $74.84. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $87.37. The company has a market cap of $79.75 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 1.76 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.14. The firm had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.93 earnings per share. On average, research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 28th. Investors of record on Monday, September 29th were issued a dividend of $0.97 per share. The ex-dividend date was Monday, September 29th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. This represents a $3.88 dividend on an annualized basis and a yield of 4.5%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 47.64%.

Analysts Set New Price Targets

CM has been the topic of a number of research reports. Royal Bank Of Canada boosted their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a research report on Friday, August 29th. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $107.50.

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.