First Trust Direct Indexing L.P. Grows Position in Canadian Imperial Bank of Commerce (NYSE:CM)

First Trust Direct Indexing L.P. boosted its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 61.8% in the third quarter, Holdings Channel.com reports. The firm owned 11,305 shares of the bank’s stock after acquiring an additional 4,318 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Canadian Imperial Bank of Commerce were worth $693,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Galibier Capital Management Ltd. grew its holdings in Canadian Imperial Bank of Commerce by 10.1% in the third quarter. Galibier Capital Management Ltd. now owns 523,698 shares of the bank’s stock valued at $32,160,000 after purchasing an additional 48,053 shares during the period. First Bank & Trust grew its holdings in Canadian Imperial Bank of Commerce by 0.8% in the third quarter. First Bank & Trust now owns 41,646 shares of the bank’s stock valued at $2,555,000 after purchasing an additional 351 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at approximately $243,000. Hennion & Walsh Asset Management Inc. lifted its position in Canadian Imperial Bank of Commerce by 13.7% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 13,932 shares of the bank’s stock valued at $855,000 after buying an additional 1,680 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Canadian Imperial Bank of Commerce during the third quarter valued at approximately $62,840,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Up 0.6 %

Shares of NYSE:CM opened at $62.95 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $60.74 and a 200 day simple moving average of $53.25. The firm has a market cap of $59.46 billion, a PE ratio of 12.37, a price-to-earnings-growth ratio of 1.91 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 12-month low of $35.96 and a 12-month high of $63.53.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. The business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The business’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.14 earnings per share. On average, equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were paid a $0.652 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.14%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 52.26%.

Analysts Set New Price Targets

A number of research analysts have weighed in on CM shares. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Desjardins raised 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. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Finally, BMO Capital Markets lifted 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 research report on Friday, August 30th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $81.00.

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.