LRT Capital Management LLC Buys Shares of 34,709 Canadian Imperial Bank of Commerce $CM

LRT Capital Management LLC bought a new position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 34,709 shares of the bank’s stock, valued at approximately $2,773,000. Canadian Imperial Bank of Commerce accounts for about 1.8% of LRT Capital Management LLC’s portfolio, making the stock its 23rd biggest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CM. Sivia Capital Partners LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $262,000. PNC Financial Services Group Inc. raised its position in Canadian Imperial Bank of Commerce by 21.1% during the second quarter. PNC Financial Services Group Inc. now owns 34,519 shares of the bank’s stock valued at $2,445,000 after acquiring an additional 6,018 shares in the last quarter. Creative Planning grew its position in Canadian Imperial Bank of Commerce by 19.0% in the second quarter. Creative Planning now owns 80,695 shares of the bank’s stock worth $5,716,000 after acquiring an additional 12,896 shares in the last quarter. Cetera Investment Advisers grew its position in Canadian Imperial Bank of Commerce by 1.0% in the second quarter. Cetera Investment Advisers now owns 27,792 shares of the bank’s stock worth $1,969,000 after acquiring an additional 268 shares in the last quarter. Finally, Frank Rimerman Advisors LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth $224,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $97.54 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. The firm has a fifty day simple moving average of $95.75 and a 200-day simple moving average of $88.45. The stock has a market capitalization of $90.17 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 0.99 and a beta of 1.00. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $105.00.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.25. The business had revenue of $6.16 billion for the quarter, compared to analyst estimates of $5.53 billion. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. Canadian Imperial Bank of Commerce’s revenue was up 15.3% compared to the same quarter last year. During the same period last year, the business posted $2.20 EPS. On average, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Stockholders of record on Friday, March 27th will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend is Friday, March 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 44.61%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on CM shares. Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They set a “market perform” rating on the stock. Zacks Research upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 4th. Barclays raised Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research report on Thursday, February 19th. Finally, Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, March 10th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce 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.