Benjamin Edwards Inc. Purchases Shares of 8,564 Canadian Imperial Bank of Commerce (NYSE:CM)

Benjamin Edwards Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,564 shares of the bank's stock, valued at approximately $525,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Massmutual Trust Co. FSB ADV grew its stake in Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank's stock worth $56,000 after buying an additional 171 shares during the last quarter. PDS Planning Inc raised its position in Canadian Imperial Bank of Commerce by 4.7% in the 3rd quarter. PDS Planning Inc now owns 4,978 shares of the bank's stock valued at $305,000 after purchasing an additional 224 shares during the last quarter. Simplicity Wealth LLC boosted its stake in Canadian Imperial Bank of Commerce by 3.9% in the second quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank's stock worth $307,000 after purchasing an additional 240 shares in the last quarter. Prospera Private Wealth LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 3.2% during the third quarter. Prospera Private Wealth LLC now owns 10,486 shares of the bank's stock worth $643,000 after purchasing an additional 330 shares during the last quarter. Finally, First Bank & Trust grew its holdings in Canadian Imperial Bank of Commerce by 0.8% during the 3rd quarter. First Bank & Trust now owns 41,646 shares of the bank's stock worth $2,555,000 after acquiring an additional 351 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Down 0.7 %

CM traded down $0.44 during trading on Monday, reaching $66.22. 1,110,327 shares of the stock were exchanged, compared to its average volume of 1,364,546. The stock has a market cap of $62.55 billion, a P/E ratio of 12.38, a price-to-earnings-growth ratio of 1.76 and a beta of 1.06. 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's 50 day moving average price is $63.19 and its two-hundred day moving average price is $56.29. Canadian Imperial Bank of Commerce has a twelve month low of $42.59 and a twelve month high of $67.14.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be paid a $0.6912 dividend. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.65. The ex-dividend date is Friday, December 27th. This represents a $2.76 annualized dividend and a yield of 4.17%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 49.91%.

Wall Street Analyst Weigh In

CM has been the subject of a number of research reports. Bank of America upgraded Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a research report on Friday, August 30th. StockNews.com raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Friday. BMO Capital Markets upped their price objective on 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. 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, Royal Bank of Canada reissued a "sector perform" rating and issued a $97.00 price objective (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and a consensus target price of $89.00.

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.