Procyon Advisors LLC Boosts Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Procyon Advisors LLC increased its position in Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) by 52.9% during the second quarter, Holdings Channel.com reports. The institutional investor owned 6,697 shares of the bank’s stock after purchasing an additional 2,317 shares during the period. Procyon Advisors LLC’s holdings in Canadian Imperial Bank of Commerce were worth $325,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CM. Capital World Investors purchased a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter worth about $938,627,000. Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth about $478,882,000. Goldman Sachs Group Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 314.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,480,375 shares of the bank’s stock worth $172,553,000 after buying an additional 1,122,833 shares in the last quarter. Bank of Nova Scotia lifted its position in shares of Canadian Imperial Bank of Commerce by 9.2% in the first quarter. Bank of Nova Scotia now owns 12,287,509 shares of the bank’s stock worth $1,491,940,000 after buying an additional 1,037,761 shares in the last quarter. Finally, Principal Financial Group Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter worth about $84,366,000. 44.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CM has been the topic of a number of recent research reports. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Thursday, September 1st. TD Securities decreased their price objective on Canadian Imperial Bank of Commerce from C$82.00 to C$78.00 and set a “buy” rating on the stock in a research report on Friday, May 27th. Desjardins decreased their price objective on Canadian Imperial Bank of Commerce from C$74.00 to C$73.00 and set a “hold” rating on the stock in a research report on Monday, August 29th. CIBC upped their price objective on Canadian Imperial Bank of Commerce from C$77.00 to C$79.00 and gave the company an “outperform” rating in a research report on Friday, August 26th. Finally, National Bankshares upped their price objective on Canadian Imperial Bank of Commerce from C$83.50 to C$84.00 in a research report on Friday, May 27th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and an average price target of $82.58.

Canadian Imperial Bank of Commerce Trading Up 1.4 %

Shares of NYSE CM opened at $48.37 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The business’s 50 day moving average price is $49.40 and its 200-day moving average price is $54.03. Canadian Imperial Bank of Commerce has a fifty-two week low of $45.09 and a fifty-two week high of $66.24. The company has a market cap of $43.76 billion, a price-to-earnings ratio of 8.83, a PEG ratio of 2.58 and a beta of 1.01.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Wednesday, September 28th will be paid a $0.649 dividend. The ex-dividend date of this dividend is Tuesday, September 27th. This represents a $2.60 annualized dividend and a yield of 5.37%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio is 47.81%.

About Canadian Imperial Bank of Commerce

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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 four strategic business units: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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