Van ECK Associates Corp Buys 48,843 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Van ECK Associates Corp increased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 31.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 205,124 shares of the bank’s stock after acquiring an additional 48,843 shares during the quarter. Van ECK Associates Corp’s holdings in Canadian Imperial Bank of Commerce were worth $12,873,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of CM. Toronto Dominion Bank raised its stake in shares of Canadian Imperial Bank of Commerce by 17.9% during the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after acquiring an additional 3,942,894 shares during the last quarter. M&G Plc bought a new position in Canadian Imperial Bank of Commerce during the 1st quarter valued at approximately $8,221,000. Cetera Advisors LLC purchased a new stake in Canadian Imperial Bank of Commerce in the 1st quarter worth approximately $1,278,000. Legal & General Group Plc grew its position in shares of Canadian Imperial Bank of Commerce by 3.3% in the 2nd quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after buying an additional 228,130 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of Canadian Imperial Bank of Commerce by 1,091.2% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 267,124 shares of the bank’s stock valued at $13,477,000 after buying an additional 244,700 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $63.76 on Wednesday. Canadian Imperial Bank of Commerce has a twelve month low of $37.25 and a twelve month high of $63.85. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $60.23 billion, a P/E ratio of 12.53, a PEG ratio of 1.82 and a beta of 1.06. The stock’s 50 day moving average is $61.09 and its 200 day moving average is $53.52.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.14 earnings per share. On average, equities research analysts predict that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were issued a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is 52.46%.

Canadian Imperial Bank of Commerce 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.