Varma Mutual Pension Insurance Co Grows Stock Position in Canadian Imperial Bank of Commerce $CM

Varma Mutual Pension Insurance Co raised its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 8.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 196,111 shares of the bank’s stock after buying an additional 15,700 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Canadian Imperial Bank of Commerce were worth $15,675,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Brown Advisory Inc. grew its holdings in Canadian Imperial Bank of Commerce by 2.6% in the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock valued at $445,000 after purchasing an additional 160 shares during the period. Checchi Capital Advisers LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 3.7% during the 3rd quarter. Checchi Capital Advisers LLC now owns 4,799 shares of the bank’s stock worth $383,000 after buying an additional 169 shares during the last quarter. Pacifica Partners Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 12.1% in the 3rd quarter. Pacifica Partners Inc. now owns 1,756 shares of the bank’s stock worth $141,000 after buying an additional 190 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Canadian Imperial Bank of Commerce by 12.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock valued at $128,000 after acquiring an additional 193 shares during the last quarter. Finally, Baron Wealth Management LLC grew its position in Canadian Imperial Bank of Commerce by 7.0% during the third quarter. Baron Wealth Management LLC now owns 3,364 shares of the bank’s stock valued at $269,000 after acquiring an additional 221 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, January 21st. Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They set a “market perform” rating on the stock. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Finally, Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $95.31 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04. The company’s fifty day moving average price is $92.75 and its two-hundred day moving average price is $84.31. The firm has a market capitalization of $88.31 billion, a P/E ratio of 15.65, a P/E/G ratio of 1.30 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $98.50.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period in the previous year, the company earned $1.91 earnings per share. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were given a dividend of $1.07 per share. The ex-dividend date of this dividend was Monday, December 29th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.5%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 50.25%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.