799,146 Shares in Canadian Imperial Bank of Commerce $CM Bought by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp. acquired 799,146 CIBC shares worth approximately $91.9 million, making the bank about 0.5% of its portfolio and its 27th-largest holding.
• Analysts maintain a generally positive outlook, with five Buy ratings and four Holds, producing a consensus “Moderate Buy” rating and a $167 price target.
• CIBC reported quarterly EPS of $1.86, beating estimates, while revenue rose 14% year over year to $5.89 billion. The bank also paid a quarterly dividend of $1.07, equivalent to a 3.5% annualized yield.

Alberta Investment Management Corp acquired a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 799,146 shares of the bank's stock, valued at approximately $91,934,000. Canadian Imperial Bank of Commerce makes up approximately 0.5% of Alberta Investment Management Corp's investment portfolio, making the stock its 27th biggest holding. Alberta Investment Management Corp owned approximately 0.09% of Canadian Imperial Bank of Commerce at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. EFG International AG purchased a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at about $35,000. Larson Financial Group LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 119.7% in the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank's stock worth $32,000 after buying an additional 219 shares during the last quarter. Global Assets Advisory LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the first quarter valued at $54,000. Parkside Financial Bank & Trust grew its position in Canadian Imperial Bank of Commerce by 2,758.6% during the 4th quarter. Parkside Financial Bank & Trust now owns 829 shares of the bank's stock valued at $75,000 after purchasing an additional 800 shares during the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA increased its stake in Canadian Imperial Bank of Commerce by 87.0% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank's stock valued at $69,000 after purchasing an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Wall Street Analyst Weigh In

CM has been the subject of several recent analyst reports. TD Securities reaffirmed a "buy" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday. Raymond James Financial reiterated a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a "buy (b)" rating to a "buy (b+)" rating in a research report on Friday, July 31st. Barclays restated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Finally, Zacks Research downgraded Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Trading Down 0.0%

Shares of CM stock opened at $123.73 on Monday. Canadian Imperial Bank of Commerce has a 12-month low of $72.57 and a 12-month high of $123.76. 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 firm's 50 day moving average is $116.34 and its 200 day moving average is $107.47. The stock has a market capitalization of $112.94 billion, a P/E ratio of 17.00, a P/E/G ratio of 1.34 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating analysts' consensus estimates of $1.78 by $0.08. The business had revenue of $5.89 billion during the quarter, compared to analyst estimates of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The company's quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.05 EPS. Research analysts expect that Canadian Imperial Bank of Commerce will post 7.33 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th were given a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 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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