Pinnacle Wealth Planning Services Inc. Buys Shares of 3,960 Canadian Imperial Bank of Commerce (NYSE:CM)

Pinnacle Wealth Planning Services Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 3,960 shares of the bank’s stock, valued at approximately $201,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CM. Bruce G. Allen Investments LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $33,000. Glassman Wealth Services boosted its holdings in shares of Canadian Imperial Bank of Commerce by 57.5% during the 4th quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock worth $33,000 after buying an additional 253 shares during the period. Janiczek Wealth Management LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 34.9% during the 4th quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock worth $41,000 after buying an additional 222 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 574.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock worth $51,000 after buying an additional 908 shares during the period. Finally, Principal Securities Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth $64,000. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock traded down $0.04 on Friday, hitting $49.99. The company’s stock had a trading volume of 835,348 shares, compared to its average volume of 1,292,324. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06. The stock’s 50 day moving average is $48.70 and its 200-day moving average is $47.98. Canadian Imperial Bank of Commerce has a fifty-two week low of $34.35 and a fifty-two week high of $51.14. The company has a market capitalization of $47.14 billion, a PE ratio of 10.29, a PEG ratio of 1.97 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a return on equity of 13.06% and a net margin of 10.46%. The company had revenue of $4.54 billion during the quarter, compared to the consensus estimate of $4.48 billion. Equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Friday, June 28th will be issued a $0.653 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 5.23%. The ex-dividend date of this dividend is Friday, June 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 54.12%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CM shares. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. BMO Capital Markets upped their price objective on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a report on Friday, May 31st. UBS Group initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They issued a “neutral” rating for the company. Finally, StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $67.00.

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.