PCJ Investment Counsel Ltd. Acquires 14,120 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

PCJ Investment Counsel Ltd. lifted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 38.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 50,490 shares of the bank's stock after buying an additional 14,120 shares during the quarter. PCJ Investment Counsel Ltd.'s holdings in Canadian Imperial Bank of Commerce were worth $3,097,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the business. Ridgewood Investments LLC purchased a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth about $29,000. Blue Trust Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 571.6% during the third quarter. Blue Trust Inc. now owns 732 shares of the bank's stock worth $45,000 after buying an additional 623 shares in the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new position in Canadian Imperial Bank of Commerce in the second quarter valued at about $51,000. Massmutual Trust Co. FSB ADV grew its stake in shares of 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 purchasing an additional 171 shares in the last quarter. Finally, City State Bank purchased a new stake in Canadian Imperial Bank of Commerce during the third quarter worth approximately $61,000. Institutional investors own 49.88% of the company's stock.

Wall Street Analyst Weigh In

CM has been the topic of a number of research reports. Desjardins upgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a report on Friday, August 2nd. BMO Capital Markets boosted 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 report on Friday, August 30th. Bank of America upgraded Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a report on Friday, August 30th. Finally, StockNews.com cut shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Saturday, October 19th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of "Hold" and an average price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM traded up $0.37 during trading on Wednesday, hitting $64.70. 447,991 shares of the stock were exchanged, compared to its average volume of 1,383,230. Canadian Imperial Bank of Commerce has a 12-month low of $37.97 and a 12-month high of $65.09. The company has a market cap of $61.12 billion, a PE ratio of 12.64, a P/E/G ratio of 1.84 and a beta of 1.06. The company has a fifty day moving average price of $62.20 and a two-hundred day moving average price of $54.69. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The firm had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same period in the previous year, the firm earned $1.14 earnings per share. Canadian Imperial Bank of Commerce's quarterly revenue was up 12.9% on a year-over-year basis. On average, analysts forecast that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were issued a $0.652 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.03%. Canadian Imperial Bank of Commerce's payout ratio is currently 52.26%.

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.