Prospera Private Wealth LLC Grows Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Prospera Private Wealth LLC increased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 10,486 shares of the bank’s stock after acquiring an additional 330 shares during the period. Prospera Private Wealth LLC’s holdings in Canadian Imperial Bank of Commerce were worth $643,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. BNP Paribas Financial Markets acquired a new stake in Canadian Imperial Bank of Commerce in the first quarter valued at about $175,000. US Bancorp DE lifted its position in Canadian Imperial Bank of Commerce by 6.2% in the first quarter. US Bancorp DE now owns 13,994 shares of the bank’s stock valued at $710,000 after purchasing an additional 821 shares during the period. Acadian Asset Management LLC lifted its position in Canadian Imperial Bank of Commerce by 1,345.5% in the first quarter. Acadian Asset Management LLC now owns 31,800 shares of the bank’s stock valued at $1,613,000 after purchasing an additional 29,600 shares during the period. UniSuper Management Pty Ltd lifted its position in Canadian Imperial Bank of Commerce by 94.1% in the first quarter. UniSuper Management Pty Ltd now owns 13,200 shares of the bank’s stock valued at $670,000 after purchasing an additional 6,400 shares during the period. Finally, Bessemer Group Inc. lifted its position in Canadian Imperial Bank of Commerce by 1,366.8% in the first quarter. Bessemer Group Inc. now owns 71,228 shares of the bank’s stock valued at $3,612,000 after purchasing an additional 66,372 shares during the period. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

CM has been the subject of a number of recent analyst reports. BMO Capital Markets raised their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Finally, Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of “Hold” and an average target price of $81.00.

Canadian Imperial Bank of Commerce Stock Up 0.9 %

CM stock opened at $64.88 on Thursday. Canadian Imperial Bank of Commerce has a one year low of $37.97 and a one year high of $65.09. The company has a 50 day moving average price of $62.28 and a two-hundred day moving average price of $54.76. The stock has a market capitalization of $61.29 billion, a P/E ratio of 12.75, a PEG ratio of 1.84 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same period in the previous year, the company earned $1.14 EPS. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were paid a dividend of $0.652 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.02%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.26%.

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.