MidFirst Bank Acquires New Stake in Canadian Imperial Bank of Commerce $CM

MidFirst Bank acquired a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 27,782 shares of the bank’s stock, valued at approximately $3,195,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Larson Financial Group LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 119.7% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after purchasing an additional 219 shares during the last quarter. EFG International AG purchased a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $35,000. Bell Investment Advisors Inc purchased a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at approximately $36,000. Global Assets Advisory LLC acquired a new stake in Canadian Imperial Bank of Commerce during the first quarter worth approximately $54,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its position in Canadian Imperial Bank of Commerce by 87.0% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank’s stock worth $69,000 after acquiring an additional 400 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Down 0.2%

Shares of CM opened at $123.49 on Tuesday. The stock’s 50-day moving average is $116.61 and its two-hundred day moving average is $107.68. The stock has a market cap of $112.73 billion, a PE ratio of 16.96, a P/E/G ratio of 1.34 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 12 month low of $72.57 and a 12 month high of $124.86. 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 analysts’ consensus estimates of $1.78 by $0.08. The business had revenue of $5.89 billion during 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 company’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter last year, the firm earned $2.05 earnings per share. Equities analysts forecast that Canadian Imperial Bank of Commerce will post 7.33 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th were given a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 42.58%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Jefferies Financial Group reaffirmed a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Zacks Research lowered Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Desjardins downgraded shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Scotiabank restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Finally, Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, July 31st. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and an average price target of $167.00.

Canadian Imperial Bank of Commerce Profile

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.