Galibier Capital Management Ltd. Increases Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Galibier Capital Management Ltd. boosted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 10.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 523,698 shares of the bank's stock after buying an additional 48,053 shares during the quarter. Canadian Imperial Bank of Commerce accounts for about 7.3% of Galibier Capital Management Ltd.'s investment portfolio, making the stock its 3rd largest position. Galibier Capital Management Ltd. owned approximately 0.06% of Canadian Imperial Bank of Commerce worth $32,160,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Ridgewood Investments LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at $29,000. Blue Trust Inc. lifted its position in Canadian Imperial Bank of Commerce by 571.6% during the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank's stock worth $45,000 after acquiring an additional 623 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new position in Canadian Imperial Bank of Commerce during the 2nd quarter worth $51,000. Massmutual Trust Co. FSB ADV lifted its position in Canadian Imperial Bank of Commerce by 23.1% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank's stock worth $56,000 after acquiring an additional 171 shares during the last quarter. Finally, City State Bank bought a new position in shares of Canadian Imperial Bank of Commerce in the third quarter worth about $61,000. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM traded up $0.06 during mid-day trading on Wednesday, hitting $63.23. 233,630 shares of the company traded hands, compared to its average volume of 1,433,032. The stock has a market capitalization of $59.73 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.82 and a beta of 1.07. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average of $60.20 and a 200 day moving average of $52.96. Canadian Imperial Bank of Commerce has a one year low of $34.85 and a one year high of $63.53.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.19. The business had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The firm's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.14 earnings per share. As a group, equities analysts expect that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Investors 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 yield of 4.12%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 52.26%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CM. Bank of America raised shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a 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. UBS Group started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They set a "neutral" rating on the stock. StockNews.com lowered Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Saturday, October 19th. Finally, Desjardins upgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $81.00.

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.