Strategic Investment Advisors MI Invests $297,000 in Canadian Imperial Bank of Commerce (NYSE:CM)

Strategic Investment Advisors MI purchased a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,272 shares of the bank’s stock, valued at approximately $297,000.

Other large investors have also modified their holdings of the company. Operose Advisors LLC purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter worth $26,000. SBI Securities Co. Ltd. purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter worth $30,000. Sandy Spring Bank purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter worth $32,000. IFP Advisors Inc raised its position in Canadian Imperial Bank of Commerce by 318.1% in the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock worth $34,000 after acquiring an additional 404 shares in the last quarter. Finally, Lee Danner & Bass Inc. purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter worth $44,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 0.1%

CM opened at $70.20 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. The firm has a market cap of $66.00 billion, a P/E ratio of 12.34, a PEG ratio of 1.53 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 52 week low of $47.11 and a 52 week high of $70.86. The business’s fifty day simple moving average is $65.77 and its 200 day simple moving average is $62.49.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.10. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.75 earnings per share. As a group, equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be paid a dividend of $0.7024 per share. The ex-dividend date is Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 4.00%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 47.10%.

Analyst Ratings Changes

Several research analysts have issued reports on CM shares. Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Monday, April 21st. Royal Bank Of Canada raised their price target on 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. National Bank Financial cut Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research report on Friday, May 30th. Scotiabank initiated coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They issued a “sector outperform” rating for the company. Finally, BMO Capital Markets raised their price target on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $109.00.

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.