Benjamin Edwards Inc. Invests in Canadian Imperial Bank of Commerce

Benjamin Edwards Inc. has recently announced its new investment in Canadian Imperial Bank of Commerce (NYSE:CM), as detailed in the company's latest filing with the Securities and Exchange Commission (SEC). During the third quarter, Benjamin Edwards acquired 8,564 shares of the bank, with a total value of around $525,000.

Recent Changes by Other Investors

A range of other institutional investors and hedge funds have also altered their stakes in Canadian Imperial Bank of Commerce. For instance, Ridgewood Investments LLC purchased a new stake valued at $29,000 in the second quarter. During the third quarter, BNP Paribas Financial Markets acquired shares worth approximately $44,000. Additionally, Blue Trust Inc. significantly increased its holdings by 571.6%, now owning 732 shares valued at $45,000 after acquiring 623 additional shares in the previous quarter. Massmutual Trust Co. FSB ADV also raised its stake by 23.1%, now holding 911 shares worth $56,000 after acquiring 171 more shares. City State Bank joined in by buying a new position valued at about $61,000. In total, institutional investors now own 49.88% of the bank's stock.

Current Stock Performance

As of Monday, shares of Canadian Imperial Bank of Commerce (NYSE: CM) opened at $66.66. The bank's financial metrics include a debt-to-equity ratio of 0.14, a quick ratio of 1.05, and a current ratio of 1.05. Canadian Imperial Bank of Commerce boasts a market capitalization of $62.97 billion, with a price-to-earnings (PE) ratio of 12.46 and a price-to-earnings-growth (PEG) ratio of 1.67, alongside a beta of 1.06. Over the past year, the bank's stock has seen a low of $42.28 and a high of $67.14, with 50-day and 200-day simple moving averages of $63.10 and $56.16, respectively.

Dividend Increase Announcement

The Canadian Imperial Bank of Commerce has revealed a forthcoming quarterly dividend, set to be paid on January 28th to investors recorded by December 27th. The new dividend stands at $0.6912, marking an increase from the previous dividend of $0.65. This represents an annualized dividend of $2.76, providing a yield of 4.15%. The current dividend payout ratio is 49.91%.

Analyst Ratings Update

Recent analyst commentary has also reflected on the bank. StockNews.com upgraded Canadian Imperial Bank of Commerce from a "sell" to a "hold" rating. Meanwhile, Bank of America shifted its rating from "neutral" to "buy" on August 30th. Cormark upgraded the bank from a "hold" to a "moderate buy" on the same day. BMO Capital Markets raised its price target on the stock from $77.00 to $81.00 while maintaining an "outperform" rating. Lastly, Royal Bank of Canada affirmed a "sector perform" rating with a revised price target of $97.00, increased from the previous $74.00. Presently, the consensus rating among analysts is a "Moderate Buy" with an average price objective of $89.00.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is a diversified financial institution providing a variety of services and products to personal, business, and public sector clients across Canada, the U.S., and internationally. The bank operates through several segments, including Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, and its U.S. operations.

Investment, Bank, Stake