Atlanta Consulting Group Advisors LLC Makes New Investment in Canadian Imperial Bank of Commerce (NYSE:CM)

Atlanta Consulting Group Advisors LLC acquired a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,939 shares of the bank's stock, valued at approximately $671,000.

Other hedge funds also recently bought and sold shares of the company. Ridgewood Investments LLC purchased a new stake in Canadian Imperial Bank of Commerce in the second quarter valued at approximately $29,000. Blue Trust Inc. increased its stake in Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank's stock valued at $45,000 after acquiring an additional 623 shares during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at about $51,000. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Canadian Imperial Bank of Commerce by 23.1% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank's stock worth $56,000 after purchasing an additional 171 shares in the last quarter. Finally, City State Bank bought a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $61,000. Hedge funds and other institutional investors own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Bank of America raised shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" 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 report on Friday, August 30th. Desjardins raised Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 2nd. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Saturday, October 19th. Finally, BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an "outperform" rating in a research report on Friday, August 30th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of "Hold" and an average price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM traded down $0.32 during midday trading on Friday, hitting $63.58. 925,699 shares of the company traded hands, compared to its average volume of 709,879. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $60.06 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 1.84 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 52 week low of $37.97 and a 52 week high of $65.09. The firm has a 50 day moving average of $62.05 and a 200-day moving average of $54.41.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. The business's revenue was up 12.9% on a year-over-year basis. During the same quarter last year, the business earned $1.14 EPS. On average, analysts forecast that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were issued a $0.652 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.10%. Canadian Imperial Bank of Commerce's payout ratio is 52.46%.

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.