Affinity Capital Advisors LLC Takes Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Affinity Capital Advisors LLC purchased a new position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the 1st quarter, Holdings Channel.com reports. The firm purchased 8,505 shares of the bank’s stock, valued at approximately $431,000.

Several other hedge funds have also recently added to or reduced their stakes in CM. Invesco Ltd. raised its position in Canadian Imperial Bank of Commerce by 1.9% in the third quarter. Invesco Ltd. now owns 2,155,029 shares of the bank’s stock worth $83,206,000 after purchasing an additional 40,012 shares in the last quarter. LPL Financial LLC grew its stake in Canadian Imperial Bank of Commerce by 3.1% during the third quarter. LPL Financial LLC now owns 540,443 shares of the bank’s stock worth $20,867,000 after buying an additional 16,428 shares during the last quarter. Stifel Financial Corp grew its stake in Canadian Imperial Bank of Commerce by 3.1% during the third quarter. Stifel Financial Corp now owns 178,339 shares of the bank’s stock worth $6,886,000 after buying an additional 5,307 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in Canadian Imperial Bank of Commerce by 108.1% during the third quarter. Tower Research Capital LLC TRC now owns 29,340 shares of the bank’s stock worth $1,132,000 after buying an additional 15,240 shares during the last quarter. Finally, Toronto Dominion Bank grew its stake in Canadian Imperial Bank of Commerce by 1.8% during the third quarter. Toronto Dominion Bank now owns 26,965,878 shares of the bank’s stock worth $1,041,153,000 after buying an additional 476,342 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on CM shares. BMO Capital Markets upped their price objective on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a research note on Friday, May 31st. Barclays initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They set an “underweight” rating on the stock. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. Finally, StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Thursday, June 20th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and an average target price of $67.00.

Canadian Imperial Bank of Commerce Trading Down 0.8 %

CM stock traded down $0.39 during midday trading on Wednesday, reaching $48.08. The company’s stock had a trading volume of 76,960 shares, compared to its average volume of 1,575,852. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15. Canadian Imperial Bank of Commerce has a 52 week low of $34.35 and a 52 week high of $51.14. The business’s 50-day simple moving average is $48.32 and its 200-day simple moving average is $47.72. The stock has a market cap of $45.34 billion, a PE ratio of 9.98, a price-to-earnings-growth ratio of 1.91 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. The company had revenue of $4.54 billion during the quarter, compared to the consensus estimate of $4.48 billion. As a group, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Friday, June 28th will be issued a dividend of $0.653 per share. This represents a $2.61 annualized dividend and a dividend yield of 5.43%. The ex-dividend date of this dividend is Friday, June 28th. Canadian Imperial Bank of Commerce’s payout ratio is 54.53%.

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.