Picton Mahoney Asset Management Purchases 603,540 Shares of Canadian Imperial Bank of Commerce $CM

Picton Mahoney Asset Management lifted its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 69.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,477,258 shares of the bank’s stock after purchasing an additional 603,540 shares during the period. Canadian Imperial Bank of Commerce accounts for approximately 1.1% of Picton Mahoney Asset Management’s investment portfolio, making the stock its 15th biggest holding. Picton Mahoney Asset Management owned approximately 0.16% of Canadian Imperial Bank of Commerce worth $118,022,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CM. Salem Investment Counselors Inc. acquired a new position in Canadian Imperial Bank of Commerce in the 3rd quarter valued at $30,000. Toth Financial Advisory Corp bought a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter valued at about $32,000. AdvisorNet Financial Inc grew its stake in shares of Canadian Imperial Bank of Commerce by 300.0% in the third quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock valued at $32,000 after acquiring an additional 300 shares in the last quarter. Grey Fox Wealth Advisors LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the third quarter valued at about $34,000. Finally, Guerra Advisors Inc bought a new position in Canadian Imperial Bank of Commerce during the third quarter worth about $35,000. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE:CM opened at $100.40 on Wednesday. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $105.00. The stock has a market capitalization of $92.81 billion, a price-to-earnings ratio of 14.64, a price-to-earnings-growth ratio of 1.05 and a beta of 1.00. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.02 and a quick ratio of 1.02. The company’s 50 day simple moving average is $94.55 and its 200 day simple moving average is $86.89.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a return on equity of 15.20% and a net margin of 15.15%.The firm had revenue of $6.16 billion during the quarter, compared to analysts’ expectations of $5.53 billion. During the same period in the prior year, the company earned $2.20 earnings per share. The company’s quarterly revenue was up 15.3% on a year-over-year basis. As a group, research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th will be given a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Friday, March 27th. Canadian Imperial Bank of Commerce’s payout ratio is currently 44.61%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Barclays upgraded shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research report on Thursday, February 19th. Raymond James Financial assumed coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They set a “market perform” rating on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, January 21st. Finally, Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and an average target price of $107.50.

About Canadian Imperial Bank of Commerce

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.