Addenda Capital Inc. Acquires 149,681 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Addenda Capital Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 57.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 409,201 shares of the bank’s stock after acquiring an additional 149,681 shares during the quarter. Addenda Capital Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $19,453,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Simplicity Wealth LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 3.9% during the 2nd quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock valued at $307,000 after acquiring an additional 240 shares during the period. Lantz Financial LLC increased its stake in Canadian Imperial Bank of Commerce by 7.1% during the 2nd quarter. Lantz Financial LLC now owns 5,824 shares of the bank’s stock valued at $277,000 after purchasing an additional 385 shares in the last quarter. First Bank & Trust increased its stake in Canadian Imperial Bank of Commerce by 2.6% during the 2nd quarter. First Bank & Trust now owns 41,295 shares of the bank’s stock valued at $1,963,000 after purchasing an additional 1,039 shares in the last quarter. Cardinal Capital Management Inc. increased its stake in Canadian Imperial Bank of Commerce by 0.3% during the 2nd quarter. Cardinal Capital Management Inc. now owns 2,284,747 shares of the bank’s stock valued at $108,569,000 after purchasing an additional 5,738 shares in the last quarter. Finally, Cetera Advisors LLC bought a new stake in Canadian Imperial Bank of Commerce during the 1st quarter valued at $1,278,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock traded up $0.31 during trading hours on Wednesday, hitting $51.46. 653,405 shares of the company’s stock were exchanged, compared to its average volume of 1,476,545. The company has a market capitalization of $48.53 billion, a PE ratio of 10.52, a PEG ratio of 1.99 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $52.03. The business’s 50 day simple moving average is $49.22 and its 200-day simple moving average is $48.49. 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 (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, topping the consensus estimate of $1.22 by $0.07. The firm had revenue of $4.54 billion for the quarter, compared to the consensus estimate of $4.48 billion. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. On average, equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 29th. Investors of record on Friday, June 28th were paid a $0.653 dividend. This represents a $2.61 annualized dividend and a dividend yield of 5.08%. The ex-dividend date of this dividend was Friday, June 28th. Canadian Imperial Bank of Commerce’s payout ratio is 54.12%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. UBS Group started coverage on shares of 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 shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a report on Friday, May 31st. 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, three have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Hold” and a consensus price target of $67.00.

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.