65,790 Shares in Canadian Imperial Bank of Commerce $CM Acquired by Trans Canada Capital Inc.

Trans Canada Capital Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 65,790 shares of the bank’s stock, valued at approximately $7,623,000. Canadian Imperial Bank of Commerce makes up about 0.4% of Trans Canada Capital Inc.’s investment portfolio, making the stock its 17th largest position.

Several other large investors have also recently added to or reduced their stakes in the stock. Bell Investment Advisors Inc acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at $36,000. EFG International AG acquired a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth $35,000. Larson Financial Group LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 119.7% during the third quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after acquiring an additional 219 shares in the last quarter. Global Assets Advisory LLC acquired a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at $54,000. Finally, Parkside Financial Bank & Trust boosted its position in Canadian Imperial Bank of Commerce by 2,758.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 829 shares of the bank’s stock valued at $75,000 after purchasing an additional 800 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Desjardins cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, August 27th. Finally, Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $117.66 on Monday. Canadian Imperial Bank of Commerce has a 1 year low of $77.66 and a 1 year high of $124.86. The firm’s fifty day simple moving average is $117.60 and its 200 day simple moving average is $109.75. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $107.40 billion, a PE ratio of 15.71, a PEG ratio of 1.19 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. The firm had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.74 billion. On average, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 7.41 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Monday, September 28th will be given a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, September 28th. Canadian Imperial Bank of Commerce’s payout ratio is currently 41.39%.

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.