Van ECK Associates Corp Buys 48,843 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Van ECK Associates Corp increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 31.3% during the 3rd quarter, HoldingsChannel reports. The firm owned 205,124 shares of the bank’s stock after buying an additional 48,843 shares during the period. Van ECK Associates Corp’s holdings in Canadian Imperial Bank of Commerce were worth $12,873,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Ridgewood Investments LLC purchased a new position in shares of Canadian Imperial Bank of Commerce in the second quarter worth approximately $29,000. Blue Trust Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 571.6% during the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after acquiring an additional 623 shares during the last quarter. Massmutual Trust Co. FSB ADV grew 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 acquiring an additional 171 shares during the period. City State Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth $61,000. Finally, Whittier Trust Co. of Nevada Inc. bought a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth $51,000. Institutional investors own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

CM has been the subject of several recent research reports. StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. BMO Capital Markets upped their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Finally, 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. Two investment 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, Canadian Imperial Bank of Commerce has an average rating of “Hold” and a consensus price target of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

CM opened at $63.76 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $60.23 billion, a price-to-earnings ratio of 12.53, a PEG ratio of 1.82 and a beta of 1.06. The company has a fifty day moving average of $61.09 and a 200 day moving average of $53.52. Canadian Imperial Bank of Commerce has a fifty-two week low of $37.25 and a fifty-two week high of $63.85.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted 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. The company had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.14 earnings per share. As a group, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were issued a $0.652 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 52.46%.

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.