Independence Bank of Kentucky Has $185,000 Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Independence Bank of Kentucky grew its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 37.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,646 shares of the bank’s stock after buying an additional 1,000 shares during the period. Independence Bank of Kentucky’s holdings in Canadian Imperial Bank of Commerce were worth $185,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Janiczek Wealth Management LLC boosted its stake in Canadian Imperial Bank of Commerce by 34.9% in the 4th quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock worth $41,000 after purchasing an additional 222 shares during the period. Gulf International Bank UK Ltd boosted its stake in Canadian Imperial Bank of Commerce by 3.8% in the 1st quarter. Gulf International Bank UK Ltd now owns 6,390 shares of the bank’s stock worth $324,000 after purchasing an additional 236 shares during the period. Glassman Wealth Services boosted its stake in Canadian Imperial Bank of Commerce by 57.5% in the 4th quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock worth $33,000 after purchasing an additional 253 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Canadian Imperial Bank of Commerce by 4.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,200 shares of the bank’s stock worth $347,000 after purchasing an additional 300 shares during the period. Finally, Raymond James Trust N.A. boosted its stake in shares of Canadian Imperial Bank of Commerce by 2.3% during the 4th quarter. Raymond James Trust N.A. now owns 13,576 shares of the bank’s stock worth $654,000 after buying an additional 307 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CM. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Thursday, June 20th. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. Barclays began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They set an “underweight” rating for the company. Finally, BMO Capital Markets upped their target price on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a report on Friday, May 31st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $67.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock traded down $0.32 on Friday, reaching $47.54. The stock had a trading volume of 719,877 shares, compared to its average volume of 1,264,399. The firm has a market capitalization of $44.83 billion, a price-to-earnings ratio of 9.78, a P/E/G ratio of 1.91 and a beta of 1.06. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15. Canadian Imperial Bank of Commerce has a 12 month low of $34.35 and a 12 month high of $51.14. The firm’s 50-day moving average is $48.37 and its two-hundred day moving average is $47.76.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, May 30th. The bank reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.07. The firm had revenue of $4.54 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. On average, research analysts expect that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Friday, June 28th will be issued a $0.653 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.61 annualized dividend and a yield of 5.49%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 54.53%.

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.