Keudell Morrison Wealth Management Invests $576,000 in Canadian Imperial Bank of Commerce $CM

Keudell Morrison Wealth Management purchased a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 6,353 shares of the bank’s stock, valued at approximately $576,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Sivia Capital Partners LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at $262,000. EverSource Wealth Advisors LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 12.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock worth $128,000 after buying an additional 193 shares in the last quarter. Brown Advisory Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 2.6% during the 2nd quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock worth $445,000 after buying an additional 160 shares during the last quarter. Qube Research & Technologies Ltd boosted its stake in Canadian Imperial Bank of Commerce by 74.6% in the second quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank’s stock valued at $23,833,000 after buying an additional 143,588 shares in the last quarter. Finally, NewEdge Advisors LLC grew its position in Canadian Imperial Bank of Commerce by 7,315.0% in the second quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank’s stock valued at $210,000 after acquiring an additional 2,926 shares during the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $115.56 on Friday. The firm has a market capitalization of $106.12 billion, a price-to-earnings ratio of 16.85, a PEG ratio of 1.20 and a beta of 1.05. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. The business’s 50-day moving average price is $104.32 and its 200-day moving average price is $96.42. Canadian Imperial Bank of Commerce has a 12 month low of $66.74 and a 12 month high of $116.12.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.25. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $5.53 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The firm’s revenue was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.20 earnings per share. Equities research analysts forecast that Canadian Imperial Bank of Commerce will post 7.48 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th were given a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 3.7%. The ex-dividend date was Friday, March 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 45.77%.

Wall Street Analyst Weigh In

CM has been the subject of several research analyst reports. Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Barclays raised shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a report on Thursday, February 19th. Weiss Ratings cut shares of Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Friday, April 17th. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, May 4th. Five equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $107.50.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.