RBC Global Asset Management, Inc. recently announced the acquisition of new stake in Canadian Imperial Bank Of Commerce (NYSE:CM). The institutional investor has increased its shareholding in the Financial company by 1.88% to 53.77 million shares with purchase of 0.99 million shares. This fresh investment now brings its stake to 5.86% valued currently at $2.22 billion. In addition, TD Asset Management, Inc. raised its holdings by 1.39 million to 43.79 million shares. And BMO Asset Management, Inc. has lifted its position by 4.03% or 1.36 million shares – to 35.1 million shares.
With over 8.8 million Canadian Imperial Bank Of Commerce (CM) shares trading Tuesday and a closing price of $48.81 on the day, the dollar volume was approximately $429.36 million. The shares have shown a positive half year performance of 15.23% and its price on 12/26/23 gained nearly 0.87%. Currently, there are 931.10M common shares owned by the public and among those 930.67M shares have been available to trade.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for CM have a consensus price objective of $61.36. The analysts have set the share’s price value over the next 12 months at a high of $71.00 and a low of $50.00. The average price target is 3.61% above its recent price level and an upside to the estimated low will see the stock gain 2.38% over that period. But an upside of 31.25% will see the stock hit the forecast high price target while median target price for the stock is $62.00.
The top 3 mutual fund holders in Canadian Imperial Bank Of Commerce are Vanguard Total International Stoc, BMO Equal Weight Banks Index ETF, and TD Dividend Growth Fund. Vanguard Total International Stoc owns 11.96 million shares of the company’s stock, all valued at over $493.96 million. The company bought an additional 84083.0 shares recently to bring their total holdings to about 1.30% of the shares outstanding. BMO Equal Weight Banks Index ETF sold -0.22 million shares to see its total holdings shrink to 11.74 million shares valued at over $484.9 million and representing 1.28% of the shares outstanding. TD Dividend Growth Fund sold -0.24 million shares to bring its total holdings to over 8.14 million shares at a value of $335.99 million. TD Dividend Growth Fund now owns shares totaling to 0.89% of the shares outstanding.
Shares of Canadian Imperial Bank Of Commerce (NYSE: CM) opened at $48.53, up $0.14 from a prior closing price of $48.39. However, the script later moved the day high at 48.92, up 0.87%. The company’s stock has a 5-day price change of 7.32% and 22.61% over the past three months. CM shares are trading 20.67% year to date (YTD), with the 12-month market performance up to 20.37% higher. It has a 12-month low price of $34.35 and touched a high of $48.58 over the same period. CM has an average intraday trading volume of 1.54 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 12.37%, 22.76%, and 18.87% respectively.
Institutional ownership of Canadian Imperial Bank Of Commerce (NYSE: CM) shares accounts for 46.69% of the company’s 931.10M shares outstanding. Mutual fund holders own 21.07%, while other institutional holders and individual stakeholders account for 26.59% and — respectively.
It has a market capitalization of $45.45B and a beta (3y monthly) value of 1.10. The stock’s trailing 12-month PE ratio is 12.79, while the earnings-per-share (ttm) stands at $3.82. The company has a PEG of 3.46 and the debt-to-equity ratio at 3.16. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.58% over the week and 1.73% over the month.
Analysts forecast that Canadian Imperial Bank Of Commerce (CM) will achieve an EPS of $1.25 for the current quarter, $1.21 for the next quarter and $5.13 for 2025. The lowest estimate earnings-per-share for the quarter is $1.13 while analysts give the company a high EPS estimate of $1.35. Comparatively, EPS for the current quarter was $1.42 a year ago. Earnings per share for the fiscal year are expected to decrease by -2.26%, and 4.92% over the next financial year. EPS should grow at an annualized rate of 3.70% over the next five years, compared to -3.35% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate Canadian Imperial Bank Of Commerce (CM) as a “Hold” at a consensus score of 3.75. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 2 of the 4 advise that investors “hold,” and 1 rated it as a “Sell.”
