Glassman Wealth Services Acquires 253 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Glassman Wealth Services raised its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 57.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 693 shares of the bank’s stock after buying an additional 253 shares during the quarter. Glassman Wealth Services’ holdings in Canadian Imperial Bank of Commerce were worth $33,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Bruce G. Allen Investments LLC bought a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth $33,000. Janiczek Wealth Management LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 34.9% during the 4th quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock worth $41,000 after purchasing an additional 222 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 574.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock worth $51,000 after purchasing an additional 908 shares during the period. Principal Securities Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at about $64,000. Finally, Hexagon Capital Partners LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 152.9% in the fourth quarter. Hexagon Capital Partners LLC now owns 1,692 shares of the bank’s stock valued at $81,000 after buying an additional 1,023 shares during the period. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

CM stock traded up $0.43 during trading on Thursday, hitting $47.31. The company had a trading volume of 753,409 shares, compared to its average volume of 1,759,145. The company has a fifty day moving average price of $48.72 and a two-hundred day moving average price of $44.86. 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 cap of $44.37 billion, a P/E ratio of 9.77, a P/E/G ratio of 2.19 and a beta of 1.07. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16.

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

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 29th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.6634 per share. This represents a $2.65 annualized dividend and a yield of 5.61%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Wednesday, March 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 26.45%.

Wall Street Analysts Forecast Growth

Several research firms have commented on CM. Barclays initiated coverage on Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They issued an “underweight” rating for the company. Scotiabank upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research note on Tuesday, February 20th. Finally, Jefferies Financial Group initiated coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.00.

Canadian Imperial Bank of Commerce Company 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.