Blue Trust Inc. Purchases 623 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Blue Trust Inc. lifted its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 571.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 732 shares of the bank’s stock after buying an additional 623 shares during the quarter. Blue Trust Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $45,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CM. Ridgewood Investments LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth $51,000. Massmutual Trust Co. FSB ADV lifted its stake 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 worth $56,000 after purchasing an additional 171 shares during the last quarter. City State Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth $61,000. Finally, Ninepoint Partners LP purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth $97,000. Institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

CM has been the subject of a number of analyst reports. StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. BMO Capital Markets increased their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Finally, Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Stock Up 0.7 %

Shares of CM stock opened at $62.97 on Friday. The stock’s 50-day simple moving average is $60.74 and its 200-day simple moving average is $53.21. 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 firm has a market capitalization of $59.48 billion, a PE ratio of 12.37, a P/E/G ratio of 1.91 and a beta of 1.07. Canadian Imperial Bank of Commerce has a fifty-two week low of $35.96 and a fifty-two week high of $63.53.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data 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 business had revenue of $6.60 billion for the quarter, compared to analyst estimates 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 company’s revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.14 earnings per share. Equities analysts expect that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were issued a dividend of $0.652 per share. This represents a $2.61 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 52.46%.

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.