Harvest Portfolios Group Inc. Buys 2,172 Shares of Canadian Imperial Bank of Commerce $CM

Harvest Portfolios Group Inc. raised its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 54,922 shares of the bank’s stock after acquiring an additional 2,172 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $3,898,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Parallel Advisors LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 5.1% during the second quarter. Parallel Advisors LLC now owns 3,288 shares of the bank’s stock worth $233,000 after purchasing an additional 160 shares during the period. Janney Montgomery Scott LLC increased its position in Canadian Imperial Bank of Commerce by 0.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 53,477 shares of the bank’s stock worth $3,788,000 after buying an additional 173 shares during the period. Benjamin Edwards Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 5.3% during the first quarter. Benjamin Edwards Inc. now owns 4,320 shares of the bank’s stock worth $243,000 after buying an additional 216 shares in the last quarter. PDS Planning Inc grew its stake in shares of Canadian Imperial Bank of Commerce by 4.0% in the second quarter. PDS Planning Inc now owns 5,655 shares of the bank’s stock valued at $401,000 after acquiring an additional 217 shares in the last quarter. Finally, Private Trust Co. NA increased its position in Canadian Imperial Bank of Commerce by 40.0% during 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. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on CM. Royal Bank Of Canada boosted their price target on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research note on Friday, August 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at $84.12 on Friday. The company has a 50 day simple moving average of $80.65 and a 200 day simple moving average of $73.28. The stock has a market cap of $78.13 billion, a price-to-earnings ratio of 14.21, a P/E/G ratio of 1.76 and a beta of 1.03. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $84.32. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. The firm had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The company’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.93 earnings per share. 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 company also recently announced a quarterly dividend, which was paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th were given a $0.97 dividend. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. This represents a $3.88 annualized dividend and a yield of 4.6%. The ex-dividend date was Monday, September 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 47.64%.

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.