The Manufacturers Life Insurance Company Invests $905.39 Million in Canadian Imperial Bank of Commerce $CM

The Manufacturers Life Insurance Company purchased a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,877,897 shares of the bank’s stock, valued at approximately $905,393,000. Canadian Imperial Bank of Commerce makes up 0.7% of The Manufacturers Life Insurance Company’s portfolio, making the stock its 23rd biggest position.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cibc World Market Inc. bought a new position in Canadian Imperial Bank of Commerce in the second quarter valued at $1,342,850,000. OMERS ADMINISTRATION Corp bought a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $169,356,000. Osmosis Investment Management UK Ltd bought a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $3,694,000. Sanctuary Advisors LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth about $415,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth about $916,774,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM opened at $114.93 on Tuesday. The company has a market cap of $104.91 billion, a P/E ratio of 15.79, a P/E/G ratio of 1.22 and a beta of 1.01. The firm’s fifty day moving average price is $117.15 and its two-hundred day moving average price is $108.50. Canadian Imperial Bank of Commerce has a one year low of $72.57 and a one year high of $124.86. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping 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 company had revenue of $5.89 billion during the quarter, compared to analysts’ expectations of $5.86 billion. During the same quarter last year, the company posted $2.05 EPS. Canadian Imperial Bank of Commerce’s quarterly revenue was up 14.0% compared to the same quarter last year. Equities analysts expect that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CM shares. Royal Bank Of Canada boosted their price target on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Scotiabank reissued an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Keefe, Bruyette & Woods began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Friday. They issued a “market perform” rating for the company. Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Finally, Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $167.00.

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.