PNC Financial Services Group Inc. Acquires 4,357 Shares of Canadian Imperial Bank of Commerce (CM)

PNC Financial Services Group Inc. increased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 10.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 46,624 shares of the bank’s stock after buying an additional 4,357 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $4,372,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of CM. Hillsdale Investment Management Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 1.0% during the third quarter. Hillsdale Investment Management Inc. now owns 184,940 shares of the bank’s stock valued at $17,332,000 after purchasing an additional 1,850 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Canadian Imperial Bank of Commerce by 23.6% during the third quarter. Bank of New York Mellon Corp now owns 817,380 shares of the bank’s stock valued at $76,646,000 after purchasing an additional 155,928 shares during the last quarter. Letko Brosseau & Associates Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 30.0% during the third quarter. Letko Brosseau & Associates Inc. now owns 1,240,460 shares of the bank’s stock valued at $116,148,000 after purchasing an additional 286,125 shares during the last quarter. Crossmark Global Holdings Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 7.2% during the third quarter. Crossmark Global Holdings Inc. now owns 139,670 shares of the bank’s stock valued at $13,097,000 after purchasing an additional 9,429 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Canadian Imperial Bank of Commerce by 36.8% during the third quarter. Alliancebernstein L.P. now owns 83,367 shares of the bank’s stock valued at $7,817,000 after purchasing an additional 22,434 shares during the last quarter. 46.06% of the stock is owned by hedge funds and other institutional investors.

CM has been the topic of several research analyst reports. Barclays reissued a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, November 16th. TheStreet raised shares of Canadian Imperial Bank of Commerce from a “c” rating to a “b-” rating in a research note on Thursday, August 23rd. BMO Capital Markets reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, November 30th. Zacks Investment Research lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Friday, November 9th. Finally, Canaccord Genuity restated a “buy” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, November 22nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. Canadian Imperial Bank of Commerce currently has a consensus rating of “Hold” and an average target price of $121.33.

Shares of NYSE CM opened at $82.72 on Thursday. Canadian Imperial Bank of Commerce has a fifty-two week low of $82.54 and a fifty-two week high of $100.01. The company has a market capitalization of $36.64 billion, a P/E ratio of 8.86, a price-to-earnings-growth ratio of 1.59 and a beta of 1.18. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.12.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, November 29th. The bank reported $3.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.27 by $0.73. Canadian Imperial Bank of Commerce had a net margin of 20.85% and a return on equity of 17.35%. The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.59 billion. During the same period in the prior year, the business posted $2.81 earnings per share. Canadian Imperial Bank of Commerce’s revenue was up 4.3% compared to the same quarter last year. Research analysts predict that Canadian Imperial Bank of Commerce will post 9.42 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 28th. Investors of record on Friday, December 28th will be issued a $1.034 dividend. The ex-dividend date is Thursday, December 27th. This represents a $4.14 annualized dividend and a yield of 5.00%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 44.65%.

COPYRIGHT VIOLATION WARNING: “PNC Financial Services Group Inc. Acquires 4,357 Shares of Canadian Imperial Bank of Commerce (CM)” was first reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this article on another domain, it was stolen and reposted in violation of international copyright & trademark law. The legal version of this article can be accessed at https://www.dispatchtribunal.com/2018/12/06/pnc-financial-services-group-inc-acquires-4357-shares-of-canadian-imperial-bank-of-commerce-cm.html.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to individual, small business, commercial, corporate, and institutional clients in Canada, the United States, and internationally. The company operates through four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

Recommended Story: Cost of Equity For A Business, Investors

Want to see what other hedge funds are holding CM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM).

Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

Receive News & Ratings for Canadian Imperial Bank of Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Imperial Bank of Commerce and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply