7,877,897 Shares in Canadian Imperial Bank of Commerce $CM Acquired by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company acquired 7.88 million CIBC shares worth approximately $905.4 million, giving it a 0.86% stake and making CIBC its 23rd-largest portfolio holding.
• Institutional ownership stands at 49.88%, with several other major investors also initiating positions during the second quarter.
• CIBC exceeded quarterly earnings and revenue expectations, while analysts maintain a “Moderate Buy” consensus with an average price target of $167; the bank also offers a 3.7% dividend yield.

The Manufacturers Life Insurance Company purchased a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the second 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 about 0.7% of The Manufacturers Life Insurance Company's investment portfolio, making the stock its 23rd largest position. The Manufacturers Life Insurance Company owned 0.86% of Canadian Imperial Bank of Commerce as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Cibc World Market Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth $1,342,850,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter valued at $169,356,000. Osmosis Investment Management UK Ltd bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at about $3,694,000. Sanctuary Advisors LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at about $415,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $916,774,000. Institutional investors own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. Jefferies Financial Group reiterated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Barclays reiterated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday. Desjardins lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Tuesday, August 4th. Finally, TD Securities reissued a "buy" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Five investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" and an average price target of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE:CM opened at $114.93 on Tuesday. The stock has a market capitalization 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. Canadian Imperial Bank of Commerce has a 1-year low of $72.57 and a 1-year high of $124.86. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The business has a 50-day moving average price of $117.15 and a two-hundred day moving average price of $108.50.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, topping the consensus estimate 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 in the previous year, the company earned $2.05 EPS. Canadian Imperial Bank of Commerce's revenue was up 14.0% on a year-over-year basis. Equities analysts predict 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 business also recently declared a quarterly dividend, which was paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th were given a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Monday, June 29th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 42.58%.

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.

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