Northwestern Mutual Wealth Management Co. Takes $1.66 Million Position in Canadian Imperial Bank of Commerce $CM

Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the 2nd quarter, Holdings Channel reports. The fund purchased 14,458 shares of the bank’s stock, valued at approximately $1,663,000.

A number of other hedge funds also recently added to or reduced their stakes in CM. Sivia Capital Partners LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth $262,000. EverSource Wealth Advisors LLC raised its stake 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 worth $128,000 after purchasing an additional 193 shares during the last quarter. Brown Advisory Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 2.6% during 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 in the last quarter. Qube Research & Technologies Ltd lifted its holdings in shares of Canadian Imperial Bank of Commerce by 74.6% during 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 in the last quarter. Finally, NewEdge Advisors LLC boosted its position in shares of 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 valued at $210,000 after buying an additional 2,926 shares during the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $114.93 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $104.91 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 1.22 and a beta of 1.01. The firm’s 50 day moving average price is $117.15 and its 200-day moving average price is $108.50. Canadian Imperial Bank of Commerce has a twelve month low of $72.57 and a twelve month high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $5.86 billion. During the same period in the previous year, the business posted $2.05 earnings per share. The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. Equities research analysts expect that Canadian Imperial Bank of Commerce will post 7.41 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th were issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce’s payout ratio is currently 42.58%.

Analysts Set New Price Targets

Several equities research analysts recently commented on CM shares. Scotiabank reiterated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. TD Securities reaffirmed a “buy” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a “buy (b)” rating to a “buy (b+)” rating in a research note on Friday, July 31st. Finally, Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday. Five investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $167.00.

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.