Clarkston Capital Partners LLC Buys Shares of 4,000 Canadian Imperial Bank of Commerce (NYSE:CM)

Clarkston Capital Partners LLC purchased a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,000 shares of the bank’s stock, valued at approximately $245,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Ridgewood Investments LLC purchased a new position in Canadian Imperial Bank of Commerce in the second quarter worth approximately $29,000. Blue Trust Inc. raised its position in Canadian Imperial Bank of Commerce by 571.6% in the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after purchasing an additional 623 shares during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of 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% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after purchasing an additional 171 shares during the last quarter. Finally, City State Bank purchased a new position in Canadian Imperial Bank of Commerce in the 3rd quarter valued at $61,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CM has been the topic of several recent analyst 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 cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Finally, BMO Capital Markets lifted their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $63.58 on Monday. 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 company has a market cap of $60.06 billion, a PE ratio of 12.49, a P/E/G ratio of 1.84 and a beta of 1.06. The company’s fifty day simple moving average is $62.05 and its 200-day simple moving average is $54.46. Canadian Imperial Bank of Commerce has a 52 week low of $37.97 and a 52 week high of $65.09.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 EPS 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 company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same period last year, the company posted $1.14 earnings per share. The firm’s revenue was up 12.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business 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. This represents a $2.61 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.46%.

Canadian Imperial Bank of Commerce 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.