Nykredit A S Takes Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Nykredit A/S purchased 195,603 shares of Canadian Imperial Bank of Commerce in the second quarter, valued at approximately $22.5 million. Institutional investors collectively own 49.88% of the bank.
• CIBC reported quarterly EPS of $1.96, beating estimates of $1.80, while revenue reached $5.97 billion versus the $5.74 billion consensus forecast.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and a $167 price target. CIBC also declared a quarterly dividend of $1.07 per share, implying a 3.7% annualized yield.

Nykredit A S purchased a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 195,603 shares of the bank's stock, valued at approximately $22,517,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cibc World Market Inc. purchased a new position in Canadian Imperial Bank of Commerce during the second quarter valued at $1,342,850,000. Bank of Nova Scotia purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth about $1,297,567,000. Norges Bank bought a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth about $958,383,000. Canada Pension Plan Investment Board bought a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth about $927,219,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $916,774,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CM shares. Royal Bank Of Canada restated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 28th. Barclays reiterated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. Jefferies Financial Group reissued a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. TD Securities restated a "buy" rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, August 12th. Finally, Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Price Performance

CM opened at $114.84 on Friday. The firm has a market cap of $104.83 billion, a PE ratio of 15.33, a P/E/G ratio of 1.13 and a beta of 1.01. The stock has a 50-day moving average price of $117.53 and a 200-day moving average price of $110.76. Canadian Imperial Bank of Commerce has a 1 year low of $78.79 and a 1 year high of $124.86. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings data on Thursday, August 27th. The bank reported $1.96 EPS for the quarter, beating the consensus estimate of $1.80 by $0.16. The company had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.74 billion. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. Sell-side analysts predict that Canadian Imperial Bank of Commerce will post 7.61 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Monday, September 28th will be issued a dividend of $1.07 per share. The ex-dividend date is Monday, September 28th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.7%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 41.39%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a Canadian financial institution headquartered in Toronto, Ontario. The bank provides a broad range of financial products and services to individuals, businesses, institutions and government clients.

CIBC's principal activities include personal and commercial banking, wealth management, investment banking and capital markets services. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment advice, brokerage services, asset management, and corporate finance and advisory services.

The bank serves clients primarily in Canada and the United States through its Canadian banking operations, U.S.

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