Canada Pension Plan Investment Board Purchases New Holdings in Canadian Imperial Bank of Commerce $CM

Key Points

• Canada Pension Plan Investment Board acquired 8.06 million CIBC shares in the second quarter, worth approximately $927.2 million and representing about 0.88% of the bank.
• Several other institutional investors also initiated positions, lifting institutional ownership of CIBC to 49.88% of outstanding shares.
• CIBC reported quarterly EPS of $1.86, beating estimates of $1.78, while revenue rose 14% year over year to $5.89 billion. Analysts maintain a “Moderate Buy” consensus with a target price of $167.

Canada Pension Plan Investment Board purchased a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 8,059,922 shares of the bank's stock, valued at approximately $927,219,000. Canada Pension Plan Investment Board owned approximately 0.88% of Canadian Imperial Bank of Commerce as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CM. Legal & General Group Plc acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $773,685,000. The Manufacturers Life Insurance Company acquired a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at $905,393,000. Cibc World Market Inc. bought a new position in Canadian Imperial Bank of Commerce in the second quarter worth $1,342,850,000. OMERS ADMINISTRATION Corp bought a new position in Canadian Imperial Bank of Commerce in the second quarter worth $169,356,000. Finally, Osmosis Investment Management UK Ltd acquired a new stake in Canadian Imperial Bank of Commerce during the second quarter worth $3,694,000. Institutional investors own 49.88% of the company's stock.

Analysts Set New Price Targets

CM has been the subject of a number of analyst reports. Jefferies Financial Group reaffirmed a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a "buy (b)" rating to a "buy (b+)" rating in a research note on Friday, July 31st. Keefe, Bruyette & Woods initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They issued a "market perform" rating for the company. Raymond James Financial restated a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Finally, Zacks Research downgraded Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Up 3.1%

Shares of NYSE CM opened at $118.44 on Wednesday. Canadian Imperial Bank of Commerce has a 52-week low of $72.61 and a 52-week high of $124.86. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The business has a fifty day moving average of $117.24 and a two-hundred day moving average of $108.67. The stock has a market cap of $108.11 billion, a PE ratio of 16.27, a PEG ratio of 1.20 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.08. The business had revenue of $5.89 billion for 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 firm's quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.05 EPS. As a group, equities research analysts expect that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current fiscal year.

About Canadian Imperial Bank of Commerce

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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