Intech Investment Management LLC Has $8.83 Million Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Intech Investment Management LLC lifted its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 180.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 185,663 shares of the bank’s stock after buying an additional 119,421 shares during the period. Intech Investment Management LLC’s holdings in Canadian Imperial Bank of Commerce were worth $8,826,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Ridgewood Investments LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $29,000. EverSource Wealth Advisors LLC raised 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 worth $51,000 after acquiring an additional 908 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in Canadian Imperial Bank of Commerce during the second quarter worth about $51,000. Principal Securities Inc. bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $64,000. Finally, Jones Financial Companies Lllp bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $107,000. 49.88% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM opened at $61.68 on Friday. The firm has a market cap of $58.17 billion, a P/E ratio of 12.69, a price-to-earnings-growth ratio of 1.85 and a beta of 1.07. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15. Canadian Imperial Bank of Commerce has a 1-year low of $34.35 and a 1-year high of $62.01. The business’s 50 day moving average is $54.38 and its 200-day moving average is $50.70.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share 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 analyst estimates 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 firm’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.14 earnings per share. Equities research analysts predict 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 declared a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be given a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date of this dividend is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 54.73%.

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.