Hillsdale Investment Management Inc. Buys 14,916 Shares of Canadian Imperial Bank of Commerce $CM

Hillsdale Investment Management Inc. boosted its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,241,867 shares of the bank’s stock after purchasing an additional 14,916 shares during the quarter. Canadian Imperial Bank of Commerce comprises 3.2% of Hillsdale Investment Management Inc.’s investment portfolio, making the stock its 2nd biggest position. Hillsdale Investment Management Inc. owned 0.14% of Canadian Imperial Bank of Commerce worth $117,668,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CM. Vanguard Group Inc. grew its stake in Canadian Imperial Bank of Commerce by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank’s stock worth $3,907,078,000 after buying an additional 876,974 shares in the last quarter. FIL Ltd raised its position in shares of Canadian Imperial Bank of Commerce by 26.1% in the 4th quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock valued at $1,156,438,000 after buying an additional 2,643,495 shares in the last quarter. Cibc World Market Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 1.3% during the 4th quarter. Cibc World Market Inc. now owns 12,010,183 shares of the bank’s stock worth $1,088,243,000 after acquiring an additional 158,634 shares during the period. Mackenzie Financial Corp boosted its position in shares of Canadian Imperial Bank of Commerce by 69.3% during the 4th quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock worth $986,173,000 after acquiring an additional 4,419,968 shares in the last quarter. Finally, Norges Bank bought a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $958,383,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

CM has been the subject of several recent analyst reports. Raymond James Financial restated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Jefferies Financial Group reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Weiss Ratings lowered Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, June 4th. Royal Bank Of Canada boosted their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. Finally, Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Down 0.4%

Shares of NYSE CM opened at $117.35 on Tuesday. The company has a 50 day simple moving average of $112.64 and a 200 day simple moving average of $102.85. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 1 year low of $71.00 and a 1 year high of $118.66. The firm has a market cap of $107.12 billion, a PE ratio of 16.12, a price-to-earnings-growth ratio of 1.27 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The firm had revenue of $5.89 billion for the quarter, compared to analyst estimates of $5.86 billion. During the same period in the previous year, the firm posted $2.05 EPS. The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. On average, research analysts forecast that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be paid a $1.07 dividend. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 annualized dividend and a dividend yield of 3.6%. Canadian Imperial Bank of Commerce’s payout ratio is currently 42.58%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.