Legal & General Group Plc Acquires 125,069 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• Legal & General Group Plc increased its stake in Canadian Imperial Bank of Commerce by 2.0% in the fourth quarter, adding 125,069 shares to bring its total to 6,475,253 shares worth about $587.8 million.
• Other large institutional investors also boosted holdings in CIBC, including Vanguard, TD Asset Management, and Connor Clark & Lunn, underscoring continued strong institutional interest in the bank.
• CIBC has seen a mix of analyst views, but the overall consensus remains Moderate Buy with an average price target of $107.50, while the stock recently traded near its 52-week high after posting earnings and revenue that beat estimates.

Legal & General Group Plc raised its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 2.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,475,253 shares of the bank's stock after acquiring an additional 125,069 shares during the quarter. Legal & General Group Plc owned approximately 0.70% of Canadian Imperial Bank of Commerce worth $587,790,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Canadian Imperial Bank of Commerce by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank's stock valued at $3,907,078,000 after acquiring an additional 876,974 shares during the last quarter. TD Asset Management Inc grew its position in shares of Canadian Imperial Bank of Commerce by 1.1% during the 3rd 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 in the last quarter. Canerector Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 11,021.0% during the 3rd 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Canadian Imperial Bank of Commerce by 10.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,349,841 shares of the bank's stock worth $826,866,000 after buying an additional 980,811 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in shares of Canadian Imperial Bank of Commerce by 1.1% during the 3rd quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank's stock worth $509,763,000 after buying an additional 67,738 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

Analyst Ratings Changes

CM has been the topic of a number of recent research reports. Scotiabank reissued an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, May 4th. Barclays raised Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research report on Thursday, February 19th. Weiss Ratings raised Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Friday. Raymond James Financial reissued a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Finally, Zacks Research downgraded Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock opened at $115.56 on Tuesday. Canadian Imperial Bank of Commerce has a 1-year low of $66.74 and a 1-year high of $116.12. The stock's 50-day moving average is $104.69 and its 200 day moving average is $96.74. The company has a market cap of $106.12 billion, a P/E ratio of 16.85, a PEG ratio of 1.21 and a beta of 1.05. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.02 and a quick ratio of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, February 26th. The bank reported $1.99 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The company had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $5.53 billion. During the same quarter last year, the company earned $2.20 earnings per share. The firm's revenue for the quarter was up 15.3% compared to the same quarter last year. Research analysts predict that Canadian Imperial Bank of Commerce will post 7.48 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 28th. Investors of record on Friday, March 27th were given a dividend of $1.07 per share. The ex-dividend date of this dividend was Friday, March 27th. This represents a $4.28 dividend on an annualized basis and a yield of 3.7%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 45.77%.

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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