Legal & General Group Plc Buys Shares of 6,720,968 Canadian Imperial Bank of Commerce $CM

Legal & General Group Plc purchased a new position in shares of 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 firm purchased 6,720,968 shares of the bank’s stock, valued at approximately $773,685,000. Legal & General Group Plc owned approximately 0.74% of Canadian Imperial Bank of Commerce at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CM. Deutsche Bank AG acquired a new position in Canadian Imperial Bank of Commerce in the second quarter worth about $237,643,000. Bank of Nova Scotia grew its position in shares of Canadian Imperial Bank of Commerce by 0.5% in the 1st quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank’s stock worth $1,201,762,000 after acquiring an additional 57,210 shares in the last quarter. Mediolanum International Funds Ltd raised its position in shares of Canadian Imperial Bank of Commerce by 142.8% during the 1st quarter. Mediolanum International Funds Ltd now owns 142,455 shares of the bank’s stock valued at $13,086,000 after acquiring an additional 83,784 shares in the last quarter. Investment Management Corp of Ontario lifted its stake in Canadian Imperial Bank of Commerce by 38.6% during the fourth quarter. Investment Management Corp of Ontario now owns 290,749 shares of the bank’s stock worth $26,345,000 after purchasing an additional 80,914 shares during the last quarter. Finally, Tacita Capital Inc bought a new position in Canadian Imperial Bank of Commerce during the second quarter worth $1,834,000. Institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CM. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. TD Securities restated a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Raymond James Financial reaffirmed a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Finally, Royal Bank Of Canada raised their target price on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $167.00.

Canadian Imperial Bank of Commerce Stock Down 1.3%

Canadian Imperial Bank of Commerce stock opened at $114.93 on Tuesday. Canadian Imperial Bank of Commerce has a 52 week low of $72.57 and a 52 week high of $124.86. The stock has a market cap of $104.91 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 1.22 and a beta of 1.01. The company’s 50-day moving average price is $117.15 and its two-hundred day moving average price is $108.50. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11.

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

Canadian Imperial Bank of Commerce Dividend Announcement

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

About Canadian Imperial Bank of Commerce

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.