Hillsdale Investment Management Inc. Has $117.67 Million Holdings in Canadian Imperial Bank of Commerce $CM

Hillsdale Investment Management Inc. increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.2% during the first quarter, Holdings Channel.com reports. The fund owned 1,241,867 shares of the bank’s stock after buying an additional 14,916 shares during the period. Canadian Imperial Bank of Commerce makes up about 3.2% of Hillsdale Investment Management Inc.’s portfolio, making the stock its 2nd biggest position. Hillsdale Investment Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $117,668,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in Canadian Imperial Bank of Commerce during the 4th quarter valued at approximately $958,383,000. Mackenzie Financial Corp lifted its position in shares of Canadian Imperial Bank of Commerce by 69.3% in the 4th quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock worth $986,173,000 after purchasing an additional 4,419,968 shares during the period. FIL Ltd lifted its position in shares of Canadian Imperial Bank of Commerce by 26.1% in the 4th quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock worth $1,156,438,000 after purchasing an additional 2,643,495 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Canadian Imperial Bank of Commerce by 24.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank’s stock valued at $808,281,000 after purchasing an additional 1,720,220 shares during the last quarter. Finally, Morgan Stanley boosted its stake in shares of Canadian Imperial Bank of Commerce by 39.5% in the 4th quarter. Morgan Stanley now owns 4,988,745 shares of the bank’s stock valued at $452,030,000 after purchasing an additional 1,412,363 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Zacks Research cut shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Weiss Ratings cut shares of Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, June 4th. Royal Bank Of Canada increased their price target on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. Finally, Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Down 0.4%

CM stock opened at $117.35 on Tuesday. The stock’s 50 day simple moving average is $112.64 and its 200 day simple moving average is $102.85. Canadian Imperial Bank of Commerce has a fifty-two week low of $71.00 and a fifty-two week high of $118.66. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $107.12 billion, a P/E ratio of 16.12, a price-to-earnings-growth ratio of 1.27 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The firm had revenue of $5.89 billion during the quarter, compared to analysts’ expectations of $5.86 billion. During the same quarter last year, the firm posted $2.05 earnings per share. The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. On average, research analysts expect that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 42.58%.

Canadian Imperial Bank of Commerce Company 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.