Independence Bank of Kentucky Grows Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Independence Bank of Kentucky raised its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 37.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,646 shares of the bank’s stock after buying an additional 1,000 shares during the period. Independence Bank of Kentucky’s holdings in Canadian Imperial Bank of Commerce were worth $185,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in CM. Stifel Financial Corp boosted its position in Canadian Imperial Bank of Commerce by 3.1% in the 3rd quarter. Stifel Financial Corp now owns 178,339 shares of the bank’s stock valued at $6,886,000 after buying an additional 5,307 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Canadian Imperial Bank of Commerce by 108.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 29,340 shares of the bank’s stock valued at $1,132,000 after purchasing an additional 15,240 shares in the last quarter. United Services Automobile Association raised its holdings in shares of Canadian Imperial Bank of Commerce by 44.2% in the 3rd quarter. United Services Automobile Association now owns 30,181 shares of the bank’s stock valued at $1,164,000 after purchasing an additional 9,257 shares in the last quarter. Logan Capital Management Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 5.6% in the 3rd quarter. Logan Capital Management Inc. now owns 40,174 shares of the bank’s stock valued at $1,551,000 after purchasing an additional 2,134 shares in the last quarter. Finally, Alberta Investment Management Corp raised its holdings in shares of Canadian Imperial Bank of Commerce by 14.9% in the 3rd quarter. Alberta Investment Management Corp now owns 949,100 shares of the bank’s stock valued at $36,806,000 after purchasing an additional 122,900 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock traded down $0.32 during mid-day trading on Friday, reaching $47.54. 719,877 shares of the company traded hands, compared to its average volume of 1,264,399. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.06 and a quick ratio of 1.06. Canadian Imperial Bank of Commerce has a fifty-two week low of $34.35 and a fifty-two week high of $51.14. The company has a market capitalization of $44.83 billion, a price-to-earnings ratio of 9.78, a price-to-earnings-growth ratio of 1.91 and a beta of 1.06. The firm’s fifty day moving average is $48.37 and its two-hundred day moving average is $47.76.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, May 30th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. The business had revenue of $4.54 billion for the quarter, compared to analyst estimates of $4.48 billion. On average, equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.653 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.61 dividend on an annualized basis and a yield of 5.49%. Canadian Imperial Bank of Commerce’s payout ratio is 54.53%.

Analysts Set New Price Targets

Several research firms have recently commented on CM. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Thursday, June 20th. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. BMO Capital Markets boosted their price objective on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a research note on Friday, May 31st. Finally, Barclays started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They set an “underweight” rating for the company. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $67.00.

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.