Assetmark Inc. Purchases 4,610 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Assetmark Inc. raised its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 18.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 29,181 shares of the bank’s stock after purchasing an additional 4,610 shares during the quarter. Assetmark Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $1,790,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Ridgewood Investments LLC bought a new stake in Canadian Imperial Bank of Commerce in the second quarter worth $29,000. Blue Trust Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce by 571.6% in the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after purchasing an additional 623 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its position in shares of Canadian Imperial Bank of Commerce by 23.1% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after purchasing an additional 171 shares during the last quarter. City State Bank purchased a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter valued at $61,000. Finally, Whittier Trust Co. of Nevada Inc. bought a new stake in Canadian Imperial Bank of Commerce in the second quarter worth $51,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Down 0.6 %

Shares of NYSE CM opened at $64.04 on Thursday. Canadian Imperial Bank of Commerce has a 52-week low of $37.97 and a 52-week high of $65.09. The firm has a market capitalization of $60.49 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 1.86 and a beta of 1.06. The stock has a 50 day moving average price of $61.78 and a 200 day moving average price of $54.10. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The business had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same period in the prior year, the business earned $1.14 EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. Sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.34 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were given a $0.652 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.07%. Canadian Imperial Bank of Commerce’s payout ratio is presently 52.46%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CM. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. BMO Capital Markets boosted their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. Finally, Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target 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.