Canada Pension Plan Investment Board Acquires 1,133,715 Shares of Canadian Imperial Bank of Commerce $CM

Canada Pension Plan Investment Board grew its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 23.0% during the 1st quarter, Holdings Channel.com reports. The firm owned 6,055,999 shares of the bank’s stock after acquiring an additional 1,133,715 shares during the period. Canada Pension Plan Investment Board’s holdings in Canadian Imperial Bank of Commerce were worth $340,721,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Gradient Investments LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 2.4% during the first quarter. Gradient Investments LLC now owns 8,278 shares of the bank’s stock valued at $466,000 after acquiring an additional 191 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Canadian Imperial Bank of Commerce by 4.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank’s stock valued at $255,000 after purchasing an additional 194 shares during the last quarter. Benjamin Edwards Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 5.3% in the 1st quarter. Benjamin Edwards Inc. now owns 4,320 shares of the bank’s stock worth $243,000 after buying an additional 216 shares during the period. Private Trust Co. NA grew its position in shares of Canadian Imperial Bank of Commerce by 40.0% in the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank’s stock worth $44,000 after buying an additional 223 shares during the last quarter. Finally, PDS Planning Inc increased its stake in shares of Canadian Imperial Bank of Commerce by 5.2% during the first quarter. PDS Planning Inc now owns 5,438 shares of the bank’s stock valued at $306,000 after buying an additional 271 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on CM. Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a “sector outperform” rating on the stock. Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research report on Friday, May 30th. Finally, Royal Bank Of Canada boosted their target price on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and an average price target of $109.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM opened at $77.01 on Friday. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $77.73. The stock has a 50-day moving average of $72.56 and a 200 day moving average of $65.43. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $71.58 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.65 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $4.78 billion. During the same quarter last year, the firm posted $1.75 EPS. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. On average, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be issued a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 5.0%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 49.56%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.