Maryland State Retirement & Pension System Grows Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• The Maryland State Retirement & Pension System increased its holdings in Canadian Imperial Bank of Commerce by 30.9%, adding 35,231 shares to its portfolio, now valued at $8.4 million.
• Equities analysts have issued varied ratings for the bank, with one downgrade to "sell" and a mixed consensus of "Hold", while the price target was raised to $116.00.
• Canadian Imperial Bank of Commerce raised its quarterly dividend to $0.7024 per share, reflecting an annual yield of 3.9% and a payout ratio of 49.56%.

Maryland State Retirement & Pension System boosted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 30.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 149,368 shares of the bank's stock after buying an additional 35,231 shares during the quarter. Maryland State Retirement & Pension System's holdings in Canadian Imperial Bank of Commerce were worth $8,400,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Capital International Investors purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at about $424,386,000. Mackenzie Financial Corp increased its position in shares of Canadian Imperial Bank of Commerce by 41.1% during the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock valued at $431,952,000 after purchasing an additional 1,990,520 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Canadian Imperial Bank of Commerce by 223.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,293,763 shares of the bank's stock valued at $72,767,000 after purchasing an additional 894,035 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Canadian Imperial Bank of Commerce by 26.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 4,031,116 shares of the bank's stock valued at $255,338,000 after purchasing an additional 844,010 shares during the last quarter. Finally, Value Partners Investments Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 952.7% during the 1st quarter. Value Partners Investments Inc. now owns 871,700 shares of the bank's stock valued at $49,085,000 after purchasing an additional 788,894 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

CM stock traded up $0.68 during midday trading on Friday, hitting $72.64. The company's stock had a trading volume of 1,121,051 shares, compared to its average volume of 1,344,563. Canadian Imperial Bank of Commerce has a 12 month low of $50.49 and a 12 month high of $74.63. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $67.67 billion, a price-to-earnings ratio of 12.77, a price-to-earnings-growth ratio of 1.56 and a beta of 1.06. The company has a 50 day moving average of $71.06 and a two-hundred day moving average of $64.38.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The business had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the prior year, the company posted $1.75 EPS. The firm's revenue for the quarter was up 13.9% compared to the same quarter last year. On average, analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Friday, June 27th were given a dividend of $0.7024 per share. The ex-dividend date was Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 3.9%. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 49.56%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CM. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. BMO Capital Markets boosted their price objective on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. Finally, Royal Bank Of Canada boosted their price objective on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" and a consensus target price of $109.00.

About Canadian Imperial Bank of Commerce

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.