Cibc World Market Inc. Takes $1.34 Billion Position in Canadian Imperial Bank of Commerce $CM

Cibc World Market Inc. acquired a new position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 11,569,311 shares of the bank’s stock, valued at approximately $1,342,850,000. Canadian Imperial Bank of Commerce accounts for 2.2% of Cibc World Market Inc.’s investment portfolio, making the stock its 7th largest position. Cibc World Market Inc. owned about 1.27% of Canadian Imperial Bank of Commerce at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CM. Bank of Nova Scotia bought a new position in Canadian Imperial Bank of Commerce in the second quarter worth approximately $1,297,567,000. Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth $958,383,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth $916,774,000. Mackenzie Financial Corp lifted its position in Canadian Imperial Bank of Commerce by 69.3% during the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock valued at $986,173,000 after purchasing an additional 4,419,968 shares in the last quarter. Finally, FIL Ltd grew its holdings in Canadian Imperial Bank of Commerce by 26.1% during the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock valued at $1,156,438,000 after purchasing an additional 2,643,495 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Jefferies Financial Group reaffirmed a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a “buy (b)” rating to a “buy (b+)” rating in a research note on Friday, July 31st. Keefe, Bruyette & Woods initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Friday. They issued a “market perform” rating for the company. Desjardins cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Finally, Zacks Research cut shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Down 0.1%

NYSE CM opened at $116.38 on Monday. Canadian Imperial Bank of Commerce has a 12 month low of $72.57 and a 12 month high of $124.86. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The stock has a market cap of $106.24 billion, a PE ratio of 15.99, a P/E/G ratio of 1.22 and a beta of 1.01. The stock’s 50 day moving average is $117.13 and its 200 day moving average is $108.36.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The business had revenue of $5.89 billion during the quarter, compared to analyst estimates of $5.86 billion. During the same period last year, the firm posted $2.05 EPS. The company’s revenue was up 14.0% on a year-over-year basis. Research analysts predict that Canadian Imperial Bank of Commerce will post 7.41 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Investors of record on Monday, June 29th were paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 42.58%.

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.