Healthcare of Ontario Pension Plan Trust Fund Trims Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• Healthcare of Ontario Pension Plan Trust Fund cut its stake in Canadian Imperial Bank of Commerce by 13.3% in the fourth quarter, selling about 1.3 million shares and leaving it with 8.45 million shares valued at roughly $766 million.
• CIBC reported solid quarterly results, posting EPS of $1.86 versus the $1.78 consensus and revenue of $5.89 billion, with revenue up 14% year over year.
• The bank also announced a quarterly dividend of $1.07 per share, implying an annualized yield of 3.8%, while analysts currently rate the stock a consensus Hold with a $167 average target price.

Healthcare of Ontario Pension Plan Trust Fund lowered its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 13.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,449,145 shares of the bank's stock after selling 1,300,387 shares during the quarter. Canadian Imperial Bank of Commerce comprises 1.3% of Healthcare of Ontario Pension Plan Trust Fund's portfolio, making the stock its 16th largest position. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.91% of Canadian Imperial Bank of Commerce worth $766,047,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Barclays PLC boosted its stake in Canadian Imperial Bank of Commerce by 95.1% during the fourth quarter. Barclays PLC now owns 69,787 shares of the bank's stock worth $6,323,000 after acquiring an additional 34,010 shares in the last quarter. Atlas Capital Advisors Inc. bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $211,000. Parkside Financial Bank & Trust boosted its stake in Canadian Imperial Bank of Commerce by 2,758.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 829 shares of the bank's stock worth $75,000 after acquiring an additional 800 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Canadian Imperial Bank of Commerce by 24.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank's stock worth $808,281,000 after acquiring an additional 1,720,220 shares in the last quarter. Finally, UMB Bank n.a. boosted its stake in Canadian Imperial Bank of Commerce by 70.2% during the fourth quarter. UMB Bank n.a. now owns 1,212 shares of the bank's stock worth $110,000 after acquiring an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Analyst Ratings Changes

CM has been the topic of several research reports. Raymond James Financial reissued a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Barclays reissued an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, June 1st. Jefferies Financial Group reissued a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Finally, Weiss Ratings lowered shares of Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Thursday, June 4th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of "Hold" and an average target price of $167.00.

Canadian Imperial Bank of Commerce Trading Up 1.5%

Shares of NYSE CM opened at $113.51 on Friday. The firm's 50 day moving average price is $108.86 and its 200-day moving average price is $99.12. The company has a market cap of $103.61 billion, a PE ratio of 15.59, a P/E/G ratio of 1.22 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 52-week low of $67.46 and a 52-week high of $117.05. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.08. The firm had revenue of $5.89 billion for the quarter, compared to the consensus estimate 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 business's revenue was up 14.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.05 earnings per share. On average, equities research analysts expect that Canadian Imperial Bank of Commerce will post 7.43 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 43.13%.

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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