Zurcher Kantonalbank Zurich Cantonalbank Acquires 45,231 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 15.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 335,143 shares of the bank’s stock after acquiring an additional 45,231 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Canadian Imperial Bank of Commerce were worth $16,216,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 8.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 8,361 shares of the bank’s stock valued at $1,017,000 after purchasing an additional 674 shares in the last quarter. US Bancorp DE increased its position in shares of Canadian Imperial Bank of Commerce by 14.7% in the first quarter. US Bancorp DE now owns 4,323 shares of the bank’s stock valued at $527,000 after acquiring an additional 554 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 24.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,630 shares of the bank’s stock valued at $807,000 after acquiring an additional 1,287 shares during the last quarter. Private Advisor Group LLC increased its position in shares of Canadian Imperial Bank of Commerce by 20.4% in the first quarter. Private Advisor Group LLC now owns 4,512 shares of the bank’s stock valued at $549,000 after acquiring an additional 763 shares during the last quarter. Finally, BlackRock Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 6.4% in the first quarter. BlackRock Inc. now owns 308,427 shares of the bank’s stock valued at $37,532,000 after acquiring an additional 18,653 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $47.22 on Friday. Canadian Imperial Bank of Commerce has a 12 month low of $34.35 and a 12 month high of $51.14. The stock’s 50 day moving average is $48.38 and its 200-day moving average is $44.19. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $44.27 billion, a price-to-earnings ratio of 9.76, a PEG ratio of 2.21 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, February 29th. The bank reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.10. The business had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.47 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. Equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.04 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 29th. Shareholders of record on Thursday, March 28th will be paid a dividend of $0.6634 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. This represents a $2.65 annualized dividend and a yield of 5.62%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 26.45%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CM shares. Jefferies Financial Group started coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They set a “buy” rating on the stock. Barclays started coverage on Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They set an “underweight” rating on the stock. Finally, Scotiabank raised Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research report on Tuesday, February 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

About Canadian Imperial Bank of Commerce

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.