Canadian Imperial Bank of Commerce $CM is Public Sector Pension Investment Board’s 9th Largest Position

Public Sector Pension Investment Board lowered its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 18.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,805,760 shares of the bank’s stock after selling 1,300,248 shares during the period. Canadian Imperial Bank of Commerce accounts for 1.7% of Public Sector Pension Investment Board’s investment portfolio, making the stock its 9th largest holding. Public Sector Pension Investment Board owned 0.63% of Canadian Imperial Bank of Commerce worth $464,035,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter valued at about $730,245,000. The Manufacturers Life Insurance Company increased its position in Canadian Imperial Bank of Commerce by 130.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock valued at $519,312,000 after acquiring an additional 4,160,060 shares during the period. Vanguard Group Inc. raised its stake in Canadian Imperial Bank of Commerce by 3.5% during the 2nd quarter. Vanguard Group Inc. now owns 41,410,285 shares of the bank’s stock valued at $2,939,385,000 after acquiring an additional 1,382,123 shares during the last quarter. Fisher Asset Management LLC purchased a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter valued at approximately $88,610,000. Finally, Geode Capital Management LLC lifted its position in Canadian Imperial Bank of Commerce by 19.7% during the 2nd quarter. Geode Capital Management LLC now owns 7,547,548 shares of the bank’s stock worth $542,697,000 after acquiring an additional 1,244,271 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Down 1.7%

Canadian Imperial Bank of Commerce stock opened at $95.31 on Friday. The stock’s 50 day moving average price is $92.75 and its 200 day moving average price is $84.31. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $98.50. The company has a market cap of $88.31 billion, a PE ratio of 15.65, a price-to-earnings-growth ratio of 1.30 and a beta of 1.02. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.08. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.Canadian Imperial Bank of Commerce’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.91 earnings per share. On average, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 28th. Investors of record on Monday, December 29th were paid a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 4.5%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date was Monday, December 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 50.25%.

Analyst Ratings Changes

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

Canadian Imperial Bank of Commerce 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.