Mediolanum International Funds Ltd Boosts Stock Position in Canadian Imperial Bank of Commerce $CM

Mediolanum International Funds Ltd raised its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 142.8% during the first quarter, Holdings Channel.com reports. The firm owned 142,455 shares of the bank’s stock after buying an additional 83,784 shares during the period. Mediolanum International Funds Ltd’s holdings in Canadian Imperial Bank of Commerce were worth $13,086,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Raymond James Financial reaffirmed a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. 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. Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Trading Up 0.0%

NYSE CM opened at $121.26 on Monday. The firm has a market capitalization of $110.69 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 1.31 and a beta of 1.02. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a one year low of $71.00 and a one year high of $122.50. The company’s 50 day moving average price is $113.41 and its 200 day moving average price is $103.64.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The company had revenue of $5.89 billion during the quarter, compared to the consensus estimate of $5.86 billion. During the same period in the previous year, the firm earned $2.05 earnings per share. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 14.0% on a year-over-year basis. On average, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be issued a dividend of $1.07 per share. The ex-dividend date is Monday, June 29th. This represents a $4.28 annualized dividend and a dividend yield of 3.5%. Canadian Imperial Bank of Commerce’s payout ratio is presently 42.58%.

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.