Mercer Global Advisors Inc. ADV Cuts Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Mercer Global Advisors Inc. ADV lessened its holdings in Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) by 15.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 13,310 shares of the bank’s stock after selling 2,483 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Canadian Imperial Bank of Commerce were worth $538,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of CM. Raymond James Financial Services Advisors Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 8.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 8,361 shares of the bank’s stock valued at $1,017,000 after purchasing an additional 674 shares in the last quarter. US Bancorp DE grew its position in shares of Canadian Imperial Bank of Commerce by 14.7% during the first quarter. US Bancorp DE now owns 4,323 shares of the bank’s stock valued at $527,000 after purchasing an additional 554 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 24.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,630 shares of the bank’s stock valued at $807,000 after purchasing an additional 1,287 shares in the last quarter. Private Advisor Group LLC grew its position in shares of Canadian Imperial Bank of Commerce by 20.4% during the first quarter. Private Advisor Group LLC now owns 4,512 shares of the bank’s stock valued at $549,000 after purchasing an additional 763 shares in the last quarter. Finally, BlackRock Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 6.4% during the first quarter. BlackRock Inc. now owns 308,427 shares of the bank’s stock valued at $37,532,000 after purchasing an additional 18,653 shares in the last quarter. Hedge funds and other institutional investors own 44.40% of the company’s stock.

Analysts Set New Price Targets

CM has been the subject of a number of analyst reports. CIBC raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a report on Tuesday, May 9th. StockNews.com initiated coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday. They issued a “hold” rating for the company. Royal Bank of Canada increased their price target on shares of Canadian Imperial Bank of Commerce from $69.00 to $70.00 and gave the company a “sector perform” rating in a report on Monday, February 27th. Finally, Canaccord Genuity Group raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a report on Wednesday, May 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $74.14.

Canadian Imperial Bank of Commerce Stock Down 0.9 %

Shares of NYSE CM opened at $41.57 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $38.15 billion, a P/E ratio of 10.55, a PEG ratio of 2.22 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 1 year low of $39.40 and a 1 year high of $56.68. The firm has a 50-day simple moving average of $41.94 and a two-hundred day simple moving average of $43.58.

Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) last issued its earnings results on Friday, February 24th. The bank reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.21. The business had revenue of $4.40 billion for the quarter. Canadian Imperial Bank of Commerce had a net margin of 12.75% and a return on equity of 14.51%. Research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.58 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 28th. Stockholders of record on Tuesday, March 28th were given a dividend of $0.639 per share. The ex-dividend date of this dividend was Monday, March 27th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.63. This represents a $2.56 dividend on an annualized basis and a dividend yield of 6.15%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 63.20%.

Canadian Imperial Bank of Commerce Company Profile

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Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.