Lorne Steinberg Wealth Management Inc. Has $9.27 Million Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Lorne Steinberg Wealth Management Inc. grew its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 164,569 shares of the bank’s stock after buying an additional 3,235 shares during the quarter. Canadian Imperial Bank of Commerce comprises about 2.7% of Lorne Steinberg Wealth Management Inc.’s investment portfolio, making the stock its 9th largest position. Lorne Steinberg Wealth Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $9,267,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at about $570,477,000. Capital International Investors purchased a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at about $424,386,000. FIL Ltd increased its position in shares of Canadian Imperial Bank of Commerce by 53.6% during the fourth quarter. FIL Ltd now owns 12,387,607 shares of the bank’s stock valued at $783,613,000 after buying an additional 4,321,451 shares during the period. JPMorgan Chase & Co. increased its position in shares of Canadian Imperial Bank of Commerce by 37.3% during the fourth quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank’s stock valued at $508,566,000 after buying an additional 2,185,262 shares during the period. Finally, Mackenzie Financial Corp increased its position in shares of Canadian Imperial Bank of Commerce by 41.1% during the fourth quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank’s stock valued at $431,952,000 after buying an additional 1,990,520 shares during the period. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Down 0.3%

NYSE:CM opened at $68.11 on Monday. The company’s 50 day moving average price is $63.86 and its 200-day moving average price is $62.22. Canadian Imperial Bank of Commerce has a 52 week low of $47.07 and a 52 week high of $69.88. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $64.03 billion, a price-to-earnings ratio of 12.73, a PEG ratio of 1.62 and a beta of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 11.10% and a return on equity of 14.01%. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $4.78 billion. During the same quarter in the prior year, the company posted $1.75 earnings per share. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. On average, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.7024 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.67. The ex-dividend date is Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 4.13%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 49.56%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CM shares. Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a “sector outperform” rating for the company. Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Monday, April 21st. Royal Bank of Canada raised their target price on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an “outperform” rating in a research note on Friday, May 30th. BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an “outperform” rating in a research note on Friday, May 30th. Finally, National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research note on Friday, May 30th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $109.00.

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.