Alliancebernstein L.P. Increases Position in Canadian Imperial Bank of Commerce (CM)

Alliancebernstein L.P. increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 36.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 83,367 shares of the bank’s stock after acquiring an additional 22,434 shares during the period. Alliancebernstein L.P.’s holdings in Canadian Imperial Bank of Commerce were worth $7,817,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the stock. HighPoint Advisor Group LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the third quarter valued at about $195,000. Mawer Investment Management Ltd. bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at about $205,000. Providence Wealth Advisors LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the third quarter valued at about $214,000. Iberiabank Corp bought a new position in shares of Canadian Imperial Bank of Commerce during the third quarter valued at about $217,000. Finally, Laurion Capital Management LP bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at about $233,000. Institutional investors own 46.06% of the company’s stock.

Shares of NYSE CM opened at $80.78 on Monday. Canadian Imperial Bank of Commerce has a 1 year low of $79.51 and a 1 year high of $100.01. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market cap of $35.78 billion, a P/E ratio of 8.65, a P/E/G ratio of 1.55 and a beta of 1.18.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, November 29th. The bank reported $3.00 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.59 billion. During the same quarter in the previous year, the company earned $2.81 earnings per share. Canadian Imperial Bank of Commerce’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, equities analysts predict that Canadian Imperial Bank of Commerce will post 9.42 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, January 28th. Investors of record on Friday, December 28th will be given a dividend of $1.034 per share. This represents a $4.14 annualized dividend and a dividend yield of 5.12%. The ex-dividend date is Thursday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 44.65%.

Several equities analysts have recently commented on CM shares. Zacks Investment Research downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Monday, November 19th. Canaccord Genuity reaffirmed a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, November 22nd. Barclays reaffirmed a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, November 29th. 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. Finally, Scotiabank reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, November 30th. Two analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. Canadian Imperial Bank of Commerce currently has an average rating of “Hold” and a consensus target price of $121.33.

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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.

Further Reading: Why do companies issue stock splits?

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

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