Lansforsakringar Fondforvaltning AB publ Raises Stock Holdings in Canadian Imperial Bank of Commerce $CM

Lansforsakringar Fondforvaltning AB publ increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 5.9% during the 3rd quarter, Holdings Channel reports. The firm owned 216,791 shares of the bank’s stock after purchasing an additional 12,025 shares during the quarter. Lansforsakringar Fondforvaltning AB publ’s holdings in Canadian Imperial Bank of Commerce were worth $17,327,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of CM. Salem Investment Counselors Inc. bought a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth $30,000. Toth Financial Advisory Corp purchased a new position in Canadian Imperial Bank of Commerce in the third quarter worth $32,000. AdvisorNet Financial Inc increased its stake in 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 during the last quarter. Grey Fox Wealth Advisors LLC purchased a new stake in Canadian Imperial Bank of Commerce during the third quarter valued at about $34,000. Finally, Guerra Advisors Inc bought a new stake in Canadian Imperial Bank of Commerce during the third quarter worth about $35,000. 49.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CM has been the topic of a number of research reports. Zacks Research cut Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, January 21st. Raymond James Financial assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They issued a “market perform” rating for the company. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Finally, Barclays upgraded shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research report on Thursday. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Trading Up 1.5%

Shares of CM opened at $99.56 on Monday. The firm has a fifty day simple moving average of $93.41 and a two-hundred day simple moving average of $85.52. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $99.62. The stock has a market capitalization of $92.25 billion, a P/E ratio of 16.35, a PEG ratio of 1.29 and a beta of 1.02. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.23 billion. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.91 earnings per share. On average, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were given a $1.07 dividend. The ex-dividend date of this dividend was Monday, December 29th. This represents a $4.28 annualized dividend and a dividend yield of 4.3%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio is 50.25%.

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.