Hennion & Walsh Asset Management Inc. Has $1.22 Million Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Hennion & Walsh Asset Management Inc. grew its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 56.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,610 shares of the bank’s stock after buying an additional 7,768 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $1,217,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Operose Advisors LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at approximately $26,000. SBI Securities Co. Ltd. bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $30,000. Sandy Spring Bank bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $32,000. IFP Advisors Inc lifted its position in shares of Canadian Imperial Bank of Commerce by 318.1% during the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock valued at $34,000 after acquiring an additional 404 shares during the period. Finally, Lee Danner & Bass Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $44,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $68.79 on Friday. Canadian Imperial Bank of Commerce has a 52-week low of $46.99 and a 52-week high of $69.88. The company has a 50-day simple moving average of $62.69 and a 200 day simple moving average of $62.15. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $64.67 billion, a PE ratio of 12.86, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.10. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 11.10% and a return on equity of 14.01%. The company’s quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter last year, the business earned $1.75 earnings per share. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be given a $0.7024 dividend. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.67. This represents a $2.81 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date is Friday, June 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 49.56%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CM shares. Royal Bank of Canada boosted their target price on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Monday, April 21st. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Saturday, May 24th. Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a “sector outperform” rating for the company. Finally, BMO Capital Markets increased their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an “outperform” rating in a report on Friday, May 30th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and a consensus target price of $109.00.

About Canadian Imperial Bank of Commerce

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.