Goldman Sachs Group Inc. Boosts Stock Position in Canadian Imperial Bank of Commerce $CM

Goldman Sachs Group Inc. grew its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 405.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,187,068 shares of the bank’s stock after buying an additional 4,160,938 shares during the period. Goldman Sachs Group Inc. owned 0.55% of Canadian Imperial Bank of Commerce worth $292,032,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. TruNorth Capital Management LLC lifted its position in shares of 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 valued at $29,000 after buying an additional 312 shares in the last quarter. HM Payson & Co. bought a new position in shares of Canadian Imperial Bank of Commerce in the first quarter worth about $29,000. Truvestments Capital LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the first quarter worth about $32,000. Private Trust Co. NA boosted its stake in shares of Canadian Imperial Bank of Commerce by 40.0% in the first quarter. Private Trust Co. NA now owns 781 shares of the bank’s stock worth $44,000 after acquiring an additional 223 shares during the period. Finally, Farther Finance Advisors LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 51.1% in the first quarter. Farther Finance Advisors LLC now owns 902 shares of the bank’s stock worth $51,000 after acquiring an additional 305 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM opened at $78.10 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $72.59 billion, a P/E ratio of 13.19, a P/E/G ratio of 1.69 and a beta of 1.03. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $79.67. The business’s 50-day moving average is $73.81 and its 200 day moving average is $66.36.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its 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. The company had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.93 earnings per share. On average, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share 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 is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. This represents a $3.88 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date is Monday, September 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 47.64%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Royal Bank Of Canada upped their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. National Bank Financial lowered Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research note on Friday, May 30th. BMO Capital Markets upped their price objective on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an “outperform” rating in a research note on Friday, May 30th. Finally, Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a “sector outperform” rating for the company. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Company 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.