Connor Clark & Lunn Investment Management Ltd. Invests $916.77 Million in Canadian Imperial Bank of Commerce $CM

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,969,186 shares of the bank’s stock, valued at approximately $916,774,000. Canadian Imperial Bank of Commerce accounts for about 1.7% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 8th biggest position. Connor Clark & Lunn Investment Management Ltd. owned about 0.87% of Canadian Imperial Bank of Commerce at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Larson Financial Group LLC raised its stake in Canadian Imperial Bank of Commerce by 119.7% during the third quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after purchasing an additional 219 shares during the period. EFG International AG purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $35,000. Bell Investment Advisors Inc acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $36,000. Global Assets Advisory LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at approximately $54,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings in Canadian Imperial Bank of Commerce by 87.0% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank’s stock valued at $69,000 after acquiring an additional 400 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Zacks Research lowered Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Keefe, Bruyette & Woods assumed coverage on Canadian Imperial Bank of Commerce in a report on Friday. They set a “market perform” rating for the company. Jefferies Financial Group reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Scotiabank restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Finally, Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $116.38 on Monday. Canadian Imperial Bank of Commerce has a 52 week low of $72.57 and a 52 week high of $124.86. The company has a fifty day simple moving average of $117.13 and a two-hundred day simple moving average of $108.36. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The company has a market cap of $106.24 billion, a price-to-earnings ratio of 15.99, a price-to-earnings-growth ratio of 1.22 and a beta of 1.01.

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 the consensus estimate of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The business had revenue of $5.89 billion for the quarter, compared to analysts’ expectations of $5.86 billion. During the same period last year, the firm earned $2.05 earnings per share. The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. As a group, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

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

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.