6,504 Shares in Canadian Imperial Bank of Commerce $CM Acquired by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC bought a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 6,504 shares of the bank’s stock, valued at approximately $461,000.

Other hedge funds have also added to or reduced their stakes in the company. HM Payson & Co. acquired a new stake in Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $29,000. TruNorth Capital Management LLC boosted its position in Canadian Imperial Bank of Commerce by 156.0% during the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank’s stock worth $29,000 after buying an additional 312 shares during the period. Truvestments Capital LLC acquired a new stake in Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $32,000. Ameritas Advisory Services LLC acquired a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $34,000. Finally, Private Trust Co. NA boosted its position in Canadian Imperial Bank of Commerce by 40.0% during the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank’s stock worth $44,000 after buying an additional 223 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Royal Bank Of Canada upped their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research note on Friday, August 29th. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Up 0.6%

Canadian Imperial Bank of Commerce stock opened at $80.74 on Tuesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $82.23. The firm’s fifty day moving average is $78.33 and its 200 day moving average is $71.06. The company has a market capitalization of $75.05 billion, a PE ratio of 13.64, a PEG ratio of 1.71 and a beta of 1.03.

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

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be given a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend is Monday, September 29th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 47.64%.

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.