Investment Management Corp of Ontario Raises Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Investment Management Corp of Ontario boosted its stake in Canadian Imperial Bank of Commerce by 38.6% in the fourth quarter, buying an additional 80,914 shares and bringing its total to 290,749 shares worth about $26.3 million.
• CIBC reported solid quarterly results, posting EPS of $1.86 versus estimates of $1.78 and revenue of $5.89 billion, which was slightly above expectations and up 14% from a year earlier.
• The bank also announced a quarterly dividend of $1.07 per share, or $4.28 annualized, implying a 3.8% yield. Analysts currently have a moderate buy view on the stock, with an average price target of $167.00.

Investment Management Corp of Ontario raised its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 38.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 290,749 shares of the bank's stock after purchasing an additional 80,914 shares during the period. Investment Management Corp of Ontario's holdings in Canadian Imperial Bank of Commerce were worth $26,345,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank's stock worth $3,907,078,000 after buying an additional 876,974 shares during the period. TD Asset Management Inc raised its holdings in shares of Canadian Imperial Bank of Commerce by 1.1% in the third quarter. TD Asset Management Inc now owns 22,752,807 shares of the bank's stock worth $1,818,556,000 after buying an additional 249,722 shares during the period. Canerector Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 11,021.0% in the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank's stock worth $1,776,913,000 after buying an additional 22,042,000 shares during the period. FIL Ltd raised its holdings in shares of Canadian Imperial Bank of Commerce by 26.1% in the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank's stock worth $1,156,438,000 after buying an additional 2,643,495 shares during the period. Finally, Cibc World Market Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 1.3% in the fourth quarter. Cibc World Market Inc. now owns 12,010,183 shares of the bank's stock worth $1,088,243,000 after buying an additional 158,634 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Down 1.2%

Shares of NYSE:CM opened at $112.86 on Thursday. Canadian Imperial Bank of Commerce has a 52-week low of $68.41 and a 52-week high of $117.05. The stock has a market cap of $103.02 billion, a P/E ratio of 15.50, a price-to-earnings-growth ratio of 1.22 and a beta of 1.02. The business's 50 day moving average is $109.88 and its 200 day moving average is $99.83. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings data 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. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The company had revenue of $5.89 billion for the quarter, compared to analysts' expectations of $5.86 billion. During the same quarter in the prior year, the firm earned $2.05 earnings per share. Canadian Imperial Bank of Commerce's revenue was up 14.0% compared to the same quarter last year. Sell-side analysts predict that Canadian Imperial Bank of Commerce will post 7.43 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CM. Jefferies Financial Group reiterated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a report on Thursday, June 4th. Royal Bank Of Canada increased their price target on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an "outperform" rating in a report on Monday, June 1st. Zacks Research downgraded Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. Finally, Barclays reiterated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $167.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.