Meridian Wealth Management LLC Invests $736,000 in Canadian Imperial Bank of Commerce (NYSE:CM)

Meridian Wealth Management LLC acquired a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 12,006 shares of the bank's stock, valued at approximately $736,000.

Other institutional investors have also recently modified their holdings of the company. Toronto Dominion Bank increased its position in Canadian Imperial Bank of Commerce by 17.9% during the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank's stock worth $1,233,272,000 after purchasing an additional 3,942,894 shares during the last quarter. National Bank of Canada FI raised its position in shares of Canadian Imperial Bank of Commerce by 26.8% in the 2nd quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank's stock worth $867,377,000 after buying an additional 3,875,280 shares during the period. Cibc World Market Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 18.9% in the second quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank's stock valued at $938,834,000 after acquiring an additional 3,143,734 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Canadian Imperial Bank of Commerce by 61.7% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank's stock valued at $334,321,000 after acquiring an additional 2,681,428 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Canadian Imperial Bank of Commerce by 14.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank's stock worth $652,676,000 after acquiring an additional 1,305,665 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM traded up $0.21 during trading hours on Friday, hitting $65.42. The company had a trading volume of 531,239 shares, compared to its average volume of 711,176. Canadian Imperial Bank of Commerce has a fifty-two week low of $37.97 and a fifty-two week high of $65.54. The firm has a market cap of $61.80 billion, a P/E ratio of 12.85, a price-to-earnings-growth ratio of 1.71 and a beta of 1.06. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $62.44 and a 200-day simple moving average of $55.00.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. Canadian Imperial Bank of Commerce's revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.14 EPS. Equities analysts predict that Canadian Imperial Bank of Commerce will post 5.27 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were paid a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 52.26%.

Analyst Upgrades and Downgrades

CM has been the topic of a number of recent research reports. Desjardins raised shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 2nd. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a research note on Friday, August 30th. BMO Capital Markets lifted their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an "outperform" rating in a research note on Friday, August 30th. Cormark upgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 30th. Finally, StockNews.com downgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Saturday, October 19th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $81.00.

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.