Meridian Wealth Management LLC Acquires New Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Meridian Wealth Management LLC acquired a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 12,006 shares of the bank’s stock, valued at approximately $736,000.

Several other hedge funds also recently made changes to their positions in CM. Janus Henderson Group PLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 4.6% in the 1st quarter. Janus Henderson Group PLC now owns 94,739 shares of the bank’s stock valued at $4,808,000 after buying an additional 4,200 shares during the period. Murchinson Ltd. purchased a new position in shares of Canadian Imperial Bank of Commerce in the 1st quarter valued at about $3,988,000. Atria Investments Inc lifted its stake in shares of Canadian Imperial Bank of Commerce by 2.6% in the first quarter. Atria Investments Inc now owns 27,609 shares of the bank’s stock valued at $1,400,000 after purchasing an additional 691 shares during the period. Cetera Investment Advisers boosted its holdings in Canadian Imperial Bank of Commerce by 59.7% during the first quarter. Cetera Investment Advisers now owns 47,872 shares of the bank’s stock worth $2,428,000 after buying an additional 17,894 shares in the last quarter. Finally, Cetera Advisors LLC acquired a new position in Canadian Imperial Bank of Commerce during the first quarter worth about $1,278,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CM. Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. BMO Capital Markets lifted their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. Finally, Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Hold” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $65.42 on Friday. The stock has a market capitalization of $61.80 billion, a P/E ratio of 12.85, a PEG ratio of 1.71 and a beta of 1.06. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The business’s fifty day moving average price is $62.44 and its 200 day moving average price is $55.00. Canadian Imperial Bank of Commerce has a twelve month low of $37.97 and a twelve month high of $65.54.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The firm had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.28 billion. During the same quarter in the prior year, the company earned $1.14 EPS. The company’s revenue was up 12.9% on a year-over-year basis. As a group, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.27 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were paid a $0.652 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.26%.

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.