MML Investors Services LLC Increases Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Posted by on Mar 2nd, 2023

MML Investors Services LLC raised its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) by 8.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,185 shares of the bank’s stock after buying an additional 2,226 shares during the quarter. MML Investors Services LLC’s holdings in Canadian Imperial Bank of Commerce were worth $1,277,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of CM. Raymond James Financial Services Advisors Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 8.8% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 8,361 shares of the bank’s stock worth $1,017,000 after purchasing an additional 674 shares during the last quarter. US Bancorp DE raised its position in shares of Canadian Imperial Bank of Commerce by 14.7% in the 1st quarter. US Bancorp DE now owns 4,323 shares of the bank’s stock worth $527,000 after purchasing an additional 554 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 24.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,630 shares of the bank’s stock worth $807,000 after purchasing an additional 1,287 shares during the last quarter. Private Advisor Group LLC raised its position in shares of Canadian Imperial Bank of Commerce by 20.4% in the 1st quarter. Private Advisor Group LLC now owns 4,512 shares of the bank’s stock worth $549,000 after purchasing an additional 763 shares during the last quarter. Finally, BlackRock Inc. increased its holdings in Canadian Imperial Bank of Commerce by 6.4% in the 1st quarter. BlackRock Inc. now owns 308,427 shares of the bank’s stock worth $37,532,000 after buying an additional 18,653 shares in the last quarter. Hedge funds and other institutional investors own 44.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a report on Thursday, December 1st. TD Securities downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating and reduced their price objective for the stock from C$74.00 to C$65.00 in a report on Tuesday, November 15th. Credit Suisse Group downgraded Canadian Imperial Bank of Commerce from an “outperform” rating to a “neutral” rating in a report on Friday, December 9th. Finally, Royal Bank of Canada lifted their price objective on Canadian Imperial Bank of Commerce from $69.00 to $70.00 and gave the stock a “sector perform” rating in a report on Monday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $76.11.

Canadian Imperial Bank of Commerce Trading Up 0.4 %

Canadian Imperial Bank of Commerce stock opened at $45.91 on Thursday. The business has a 50-day simple moving average of $43.97 and a two-hundred day simple moving average of $45.26. The company has a market cap of $41.85 billion, a P/E ratio of 11.65, a P/E/G ratio of 2.93 and a beta of 1.04. Canadian Imperial Bank of Commerce has a 52-week low of $39.40 and a 52-week high of $65.81. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13.

Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) last announced its quarterly earnings data on Thursday, December 1st. The bank reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.21). The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.36 billion. Canadian Imperial Bank of Commerce had a net margin of 12.75% and a return on equity of 14.31%. Analysts predict that Canadian Imperial Bank of Commerce will post 5.16 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 28th. Investors of record on Tuesday, March 28th will be paid a dividend of $0.639 per share. The ex-dividend date is Monday, March 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.63. This represents a $2.56 dividend on an annualized basis and a dividend yield of 5.57%. Canadian Imperial Bank of Commerce’s payout ratio is 64.21%.

Canadian Imperial Bank of Commerce Company Profile

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Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.

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

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