Healthcare of Ontario Pension Plan Trust Fund Sells 1,300,387 Shares of Canadian Imperial Bank of Commerce $CM

Healthcare of Ontario Pension Plan Trust Fund decreased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 13.3% during the fourth quarter, Holdings Channel reports. The firm owned 8,449,145 shares of the bank’s stock after selling 1,300,387 shares during the quarter. Canadian Imperial Bank of Commerce comprises about 1.3% of Healthcare of Ontario Pension Plan Trust Fund’s holdings, making the stock its 16th biggest position. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Canadian Imperial Bank of Commerce were worth $766,047,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Barclays PLC lifted its position in Canadian Imperial Bank of Commerce by 95.1% during the fourth quarter. Barclays PLC now owns 69,787 shares of the bank’s stock valued at $6,323,000 after purchasing an additional 34,010 shares during the period. Atlas Capital Advisors Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $211,000. Parkside Financial Bank & Trust increased its holdings in Canadian Imperial Bank of Commerce by 2,758.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 829 shares of the bank’s stock valued at $75,000 after buying an additional 800 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Canadian Imperial Bank of Commerce by 24.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank’s stock valued at $808,281,000 after buying an additional 1,720,220 shares during the last quarter. Finally, UMB Bank n.a. increased its holdings in Canadian Imperial Bank of Commerce by 70.2% during the fourth quarter. UMB Bank n.a. now owns 1,212 shares of the bank’s stock valued at $110,000 after buying an additional 500 shares during the last quarter. Institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on CM. Scotiabank cut shares of Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a report on Monday, June 1st. Weiss Ratings cut shares of Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, June 4th. Royal Bank Of Canada upped their target price on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an “outperform” rating in a report on Monday, June 1st. Raymond James Financial reaffirmed a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Hold” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM opened at $113.51 on Friday. The firm has a fifty day moving average price of $108.86 and a 200-day moving average price of $99.12. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $103.61 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 1.22 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 1 year low of $67.46 and a 1 year high of $117.05.

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 for the quarter, beating the consensus estimate of $1.78 by $0.08. The company had revenue of $5.89 billion during the quarter, compared to analysts’ expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. Canadian Imperial Bank of Commerce’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period last year, the company posted $2.05 earnings per share. Equities analysts anticipate that Canadian Imperial Bank of Commerce will post 7.43 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 43.13%.

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.