Canadian Imperial Bank of Commerce (NYSE:CM) Stake Increased by Lorne Steinberg Wealth Management Inc.

Lorne Steinberg Wealth Management Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 9.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 162,137 shares of the bank’s stock after acquiring an additional 14,626 shares during the quarter. Canadian Imperial Bank of Commerce makes up approximately 2.6% of Lorne Steinberg Wealth Management Inc.’s holdings, making the stock its 6th biggest holding. Lorne Steinberg Wealth Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $7,808,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Signaturefd LLC increased its holdings in Canadian Imperial Bank of Commerce by 22.6% during the fourth quarter. Signaturefd LLC now owns 19,219 shares of the bank’s stock valued at $925,000 after buying an additional 3,549 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Canadian Imperial Bank of Commerce by 15.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 335,143 shares of the bank’s stock worth $16,216,000 after buying an additional 45,231 shares in the last quarter. Lipe & Dalton boosted its holdings in Canadian Imperial Bank of Commerce by 0.6% during the fourth quarter. Lipe & Dalton now owns 90,470 shares of the bank’s stock worth $4,355,000 after buying an additional 550 shares in the last quarter. Wealth Alliance boosted its holdings in Canadian Imperial Bank of Commerce by 7.8% during the fourth quarter. Wealth Alliance now owns 13,689 shares of the bank’s stock worth $659,000 after buying an additional 990 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in Canadian Imperial Bank of Commerce by 1.4% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,308 shares of the bank’s stock worth $102,524,000 after acquiring an additional 30,286 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Down 1.0 %

CM stock traded down $0.50 during mid-day trading on Wednesday, hitting $47.52. 239,771 shares of the company were exchanged, compared to its average volume of 1,810,683. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $44.55 billion, a P/E ratio of 9.92, a PEG ratio of 2.24 and a beta of 1.06. The business has a fifty day simple moving average of $48.54 and a 200-day simple moving average of $44.51. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $51.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, February 29th. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.24 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 10.79% and a return on equity of 13.07%. The business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.47 billion. On average, equities research analysts predict that Canadian Imperial Bank of Commerce will post 5.04 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 29th. Stockholders of record on Thursday, March 28th will be paid a $0.6634 dividend. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $2.65 annualized dividend and a dividend yield of 5.58%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 26.45%.

Wall Street Analyst Weigh In

CM has been the subject of a number of research analyst reports. Barclays initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They set an “underweight” rating for the company. Scotiabank upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research report on Tuesday, February 20th. Finally, Jefferies Financial Group initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They set a “buy” rating for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $63.00.

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.