OMERS ADMINISTRATION Corp Raises Stock Position in Canadian Imperial Bank of Commerce $CM

Key Points

• OMERS Administration Corp increased its holdings in Canadian Imperial Bank of Commerce (CIBC) by 7.3%, owning a total of 1,287,112 shares worth approximately $72.4 million as of the last quarter.
• Several hedge funds have recently acquired new stakes in CIBC, and 49.88% of the stock is now held by institutional investors.
• CIBC announced a dividend increase from $0.70 to $0.97 per share, reflecting a positive financial performance with a 12.19% net margin and projected EPS of 5.5 for the current year.

OMERS ADMINISTRATION Corp raised its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 7.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,287,112 shares of the bank's stock after buying an additional 87,198 shares during the period. OMERS ADMINISTRATION Corp owned approximately 0.14% of Canadian Imperial Bank of Commerce worth $72,393,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in CM. JPMorgan Chase & Co. increased its holdings in Canadian Imperial Bank of Commerce by 31.6% in the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock valued at $595,762,000 after buying an additional 2,538,808 shares in the last quarter. Nuveen LLC purchased a new position in Canadian Imperial Bank of Commerce in the first quarter valued at about $124,797,000. Mackenzie Financial Corp increased its holdings in Canadian Imperial Bank of Commerce by 41.1% in the fourth quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock valued at $431,952,000 after buying an additional 1,990,520 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in Canadian Imperial Bank of Commerce by 27.2% in the first quarter. Public Sector Pension Investment Board now owns 4,681,008 shares of the bank's stock valued at $263,281,000 after buying an additional 1,000,400 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Canadian Imperial Bank of Commerce by 223.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,293,763 shares of the bank's stock valued at $72,767,000 after buying an additional 894,035 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CM has been the subject of a number of recent research reports. Royal Bank Of Canada raised their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a research note on Friday. Scotiabank initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating for the company. National Bank Financial cut shares of 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 raised their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Finally, Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" and an average target price of $107.50.

Canadian Imperial Bank of Commerce Trading Up 0.2%

NYSE CM traded up $0.18 during mid-day trading on Monday, reaching $77.20. 1,618,583 shares of the stock were exchanged, compared to its average volume of 1,326,115. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $77.73. The business's fifty day simple moving average is $72.72 and its 200 day simple moving average is $65.59. The stock has a market capitalization of $71.75 billion, a PE ratio of 13.04, a PEG ratio of 1.68 and a beta of 1.03. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The firm had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same quarter last year, the business earned $1.93 earnings per share. Canadian Imperial Bank of Commerce's revenue was up 3.3% compared to the same quarter last year. On average, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be issued a $0.97 dividend. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date is Monday, September 29th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 5.0%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 47.30%.

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.