657,044 Shares in Canadian Imperial Bank of Commerce $CM Purchased by Korea Investment CORP

Key Points

• Korea Investment CORP acquired 657,044 shares of Canadian Imperial Bank of Commerce in the second quarter, valued at approximately $75.6 million and representing about 0.07% of the bank.
• CIBC reported quarterly EPS of $1.86, beating estimates of $1.78, while revenue rose 14% year over year to $5.89 billion. Institutional investors collectively own nearly 49.9% of the company.
• The bank maintains a quarterly dividend of $1.07 per share, equivalent to a 3.7% yield. Analysts hold a “Moderate Buy” consensus with an average price target of $167, compared with a recent share price of $116.38.

Korea Investment CORP acquired a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 657,044 shares of the bank's stock, valued at approximately $75,636,000. Korea Investment CORP owned approximately 0.07% of Canadian Imperial Bank of Commerce at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $958,383,000. Mackenzie Financial Corp lifted its holdings in Canadian Imperial Bank of Commerce by 69.3% in the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank's stock valued at $986,173,000 after acquiring an additional 4,419,968 shares during the period. FIL Ltd boosted its position in shares of Canadian Imperial Bank of Commerce by 26.1% during the 4th quarter. FIL Ltd now owns 12,756,323 shares of the bank's stock worth $1,156,438,000 after purchasing an additional 2,643,495 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth $237,643,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Canadian Imperial Bank of Commerce by 24.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank's stock worth $808,281,000 after purchasing an additional 1,720,220 shares during the period. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Up 0.6%

CM opened at $116.38 on Friday. The firm has a market cap of $106.24 billion, a P/E ratio of 15.99, a PEG ratio of 1.26 and a beta of 1.01. The business's fifty day simple moving average is $117.13 and its 200 day simple moving average is $108.27. 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 quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $5.86 billion. During the same period in the prior year, the firm earned $2.05 EPS. The firm's quarterly revenue was up 14.0% on a year-over-year basis. As a group, equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 7.33 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages recently commented on CM. Barclays reiterated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday. Jefferies Financial Group reaffirmed a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Desjardins downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Tuesday, August 4th. Zacks Research lowered Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Finally, Royal Bank Of Canada raised their price objective on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an "outperform" rating in a research note on Monday, June 1st. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of "Moderate Buy" and a consensus price target of $167.00.

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.

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