12,006 Shares in Canadian Imperial Bank of Commerce (NYSE:CM) Purchased by Meridian Wealth Management LLC

Meridian Wealth Management LLC bought a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 12,006 shares of the bank’s stock, valued at approximately $736,000.

Other institutional investors also recently bought and sold shares of the company. Icon Wealth Advisors LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 136.2% in the third quarter. Icon Wealth Advisors LLC now owns 4,589 shares of the bank’s stock worth $281,000 after acquiring an additional 2,646 shares in the last quarter. Citigroup Inc. grew its stake in Canadian Imperial Bank of Commerce by 5.2% during the 3rd quarter. Citigroup Inc. now owns 352,332 shares of the bank’s stock worth $21,636,000 after purchasing an additional 17,457 shares in the last quarter. Raymond James Trust N.A. increased its holdings in Canadian Imperial Bank of Commerce by 3.5% during the 3rd quarter. Raymond James Trust N.A. now owns 15,739 shares of the bank’s stock worth $965,000 after purchasing an additional 527 shares during the period. Charles Schwab Investment Management Inc. raised its position in Canadian Imperial Bank of Commerce by 3.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,518,979 shares of the bank’s stock valued at $154,679,000 after purchasing an additional 93,160 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Canadian Imperial Bank of Commerce by 32.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 112,033 shares of the bank’s stock valued at $6,872,000 after buying an additional 27,291 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Up 0.3 %

Canadian Imperial Bank of Commerce stock opened at $65.42 on Friday. The company 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 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 has a fifty-two week low of $37.97 and a fifty-two week high of $65.54. The stock has a 50-day simple moving average of $62.44 and a 200-day simple moving average of $55.00.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. The business had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The company’s revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.14 earnings per share. Equities research analysts expect 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 disclosed a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were paid a $0.652 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a yield of 3.99%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.26%.

Analyst Ratings Changes

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

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.