Canadian Imperial Bank of Commerce (NYSE:CM) Position Increased by Sienna Gestion

Sienna Gestion lifted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 106.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 254,321 shares of the bank’s stock after purchasing an additional 131,041 shares during the period. Canadian Imperial Bank of Commerce accounts for about 1.1% of Sienna Gestion’s investment portfolio, making the stock its 18th biggest holding. Sienna Gestion’s holdings in Canadian Imperial Bank of Commerce were worth $12,083,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CM. Ridgewood Investments LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter worth $29,000. EverSource Wealth Advisors LLC boosted its holdings in Canadian Imperial Bank of Commerce by 574.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock valued at $51,000 after acquiring an additional 908 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter valued at about $51,000. Principal Securities Inc. bought a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth about $64,000. Finally, Jones Financial Companies Lllp acquired a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth about $107,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CM shares. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, August 30th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. UBS Group began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Finally, BMO Capital Markets boosted their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Trading Down 1.1 %

Shares of CM stock opened at $60.92 on Thursday. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $61.90. The firm has a 50-day moving average price of $53.88 and a 200 day moving average price of $50.53. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $57.45 billion, a P/E ratio of 12.53, a P/E/G ratio of 1.85 and a beta of 1.07.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.63% and a net margin of 10.66%. The business’s revenue was up 12.9% on a year-over-year basis. During the same period last year, the firm posted $1.14 EPS. Research 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 declared a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be issued a $0.652 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.28%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 54.73%.

Canadian Imperial Bank of Commerce 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.