Barometer Capital Management Inc. Has $6.88 Million Stock Position in Canadian Imperial Bank of Commerce $CM

Barometer Capital Management Inc. raised its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 27.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 72,660 shares of the bank’s stock after buying an additional 15,760 shares during the period. Canadian Imperial Bank of Commerce comprises 2.8% of Barometer Capital Management Inc.’s holdings, making the stock its 9th biggest holding. Barometer Capital Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $6,885,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $958,383,000. Mackenzie Financial Corp grew its stake in Canadian Imperial Bank of Commerce by 69.3% in the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock worth $986,173,000 after purchasing an additional 4,419,968 shares in the last quarter. FIL Ltd grew its stake in Canadian Imperial Bank of Commerce by 26.1% in the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock worth $1,156,438,000 after purchasing an additional 2,643,495 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Canadian Imperial Bank of Commerce by 24.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank’s stock worth $808,281,000 after purchasing an additional 1,720,220 shares during the period. Finally, Morgan Stanley increased its holdings in Canadian Imperial Bank of Commerce by 39.5% during the 4th quarter. Morgan Stanley now owns 4,988,745 shares of the bank’s stock worth $452,030,000 after purchasing an additional 1,412,363 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Down 0.3%

Shares of NYSE CM opened at $117.43 on Wednesday. Canadian Imperial Bank of Commerce has a 1-year low of $71.00 and a 1-year high of $122.50. The business has a fifty day moving average price of $113.67 and a 200 day moving average price of $104.01. The stock has a market capitalization of $107.20 billion, a P/E ratio of 16.13, a price-to-earnings-growth ratio of 1.27 and a beta of 1.02. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.08. The company had revenue of $5.89 billion for the quarter, compared to analyst estimates of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.05 earnings per share. Equities research analysts expect that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 42.58%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Zacks Research cut Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Weiss Ratings lowered shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Finally, Scotiabank reiterated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $167.00.

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.