Canada Pension Plan Investment Board Grows Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• The Canada Pension Plan Investment Board increased its stake in Canadian Imperial Bank of Commerce by 23.0%, holding a total of 6,055,999 shares valued at $340.72 million as of the end of the latest quarter.
• Canadian Imperial Bank of Commerce reported a quarterly earnings per share of $1.44, surpassing estimates by $0.10, and noted a year-over-year revenue increase of 13.9%.
• The bank announced a quarterly dividend of $0.97 per share, reflecting an annualized yield of 5.0%, an increase from the previous dividend of $0.70.

Canada Pension Plan Investment Board lifted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 23.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,055,999 shares of the bank's stock after purchasing an additional 1,133,715 shares during the period. Canada Pension Plan Investment Board owned 0.64% of Canadian Imperial Bank of Commerce worth $340,721,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. American Century Companies Inc. raised its stake in Canadian Imperial Bank of Commerce by 5.3% in the 1st quarter. American Century Companies Inc. now owns 315,078 shares of the bank's stock valued at $17,724,000 after acquiring an additional 15,867 shares during the period. Hudson Value Partners LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth $708,000. MQS Management LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth $536,000. Cerity Partners LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 110.7% during the 1st quarter. Cerity Partners LLC now owns 32,559 shares of the bank's stock worth $1,833,000 after purchasing an additional 17,103 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Canadian Imperial Bank of Commerce by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 878,426 shares of the bank's stock valued at $49,455,000 after buying an additional 9,623 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CM. National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Scotiabank started coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating for the company. BMO Capital Markets upped their price target on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Royal Bank Of Canada boosted their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of "Moderate Buy" and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock traded up $0.58 during trading on Wednesday, hitting $77.83. 330,927 shares of the stock traded hands, compared to its average volume of 1,194,109. The company has a quick ratio of 1.05, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. The stock has a market cap of $72.34 billion, a price-to-earnings ratio of 13.14, a PEG ratio of 1.68 and a beta of 1.03. The firm's fifty day moving average is $73.01 and its 200-day moving average is $65.78. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $77.92.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. The firm had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The company's revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.93 EPS. Research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal 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 dividend of $0.97 per share. The ex-dividend date is Monday, September 29th. 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 47.64%.

Canadian Imperial Bank of Commerce Profile

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.