Van ECK Associates Corp Purchases 12,998 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Van ECK Associates Corp lifted its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 9.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 156,281 shares of the bank’s stock after buying an additional 12,998 shares during the quarter. Van ECK Associates Corp’s holdings in Canadian Imperial Bank of Commerce were worth $7,432,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Canadian Imperial Bank of Commerce by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 35,237,455 shares of the bank’s stock worth $1,696,331,000 after acquiring an additional 1,395,600 shares in the last quarter. M&G Plc purchased a new position in Canadian Imperial Bank of Commerce during the first quarter valued at approximately $8,221,000. Cetera Advisors LLC purchased a new position in Canadian Imperial Bank of Commerce during the first quarter valued at approximately $1,278,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in Canadian Imperial Bank of Commerce by 1,091.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 267,124 shares of the bank’s stock worth $13,477,000 after buying an additional 244,700 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 47.0% during the fourth quarter. Principal Financial Group Inc. now owns 68,300 shares of the bank’s stock worth $3,305,000 after buying an additional 21,833 shares during the period. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM opened at $58.44 on Tuesday. Canadian Imperial Bank of Commerce has a fifty-two week low of $34.35 and a fifty-two week high of $59.10. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06. The company has a market cap of $55.11 billion, a PE ratio of 12.02, a P/E/G ratio of 2.17 and a beta of 1.06. The business has a 50-day simple moving average of $50.97 and a two-hundred day simple moving average of $49.40.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.63%. The company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same period last year, the business earned $1.14 EPS. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 12.9% on a year-over-year basis. As a group, equities analysts expect that Canadian Imperial Bank of Commerce will post 5.57 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 53.50%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday. UBS Group began coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They issued a “neutral” rating for the company. BMO Capital Markets raised their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a report on Friday. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. Finally, StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Company Profile

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.