OMERS ADMINISTRATION Corp Makes New $169.36 Million Investment in Canadian Imperial Bank of Commerce $CM

Key Points

• OMERS Administration Corp. acquired 1.47 million CIBC shares worth approximately $169.36 million, making the bank 1.0% of its portfolio and its 22nd-largest position.
• Institutional ownership of CIBC stands at 49.88%, with several major investors—including Vanguard, FIL, and Mackenzie Financial—also increasing their holdings.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a $167 price target. CIBC also exceeded quarterly earnings expectations and pays a $1.07 quarterly dividend, yielding about 3.7%.

OMERS ADMINISTRATION Corp bought a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 1,471,188 shares of the bank's stock, valued at approximately $169,356,000. Canadian Imperial Bank of Commerce makes up 1.0% of OMERS ADMINISTRATION Corp's investment portfolio, making the stock its 22nd biggest position. OMERS ADMINISTRATION Corp owned approximately 0.16% of Canadian Imperial Bank of Commerce as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in 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 purchasing an additional 876,974 shares during the period. FIL Ltd increased its stake in Canadian Imperial Bank of Commerce by 26.1% during the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank's stock valued at $1,156,438,000 after purchasing an additional 2,643,495 shares during the last quarter. Bank of Nova Scotia raised its holdings in shares of Canadian Imperial Bank of Commerce by 0.5% during the first quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank's stock worth $1,201,762,000 after purchasing an additional 57,210 shares during the period. Cibc World Market Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 1.3% during the fourth quarter. Cibc World Market Inc. now owns 12,010,183 shares of the bank's stock worth $1,088,243,000 after purchasing an additional 158,634 shares during the period. Finally, Mackenzie Financial Corp raised its holdings in shares of Canadian Imperial Bank of Commerce by 69.3% during the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank's stock worth $986,173,000 after purchasing an additional 4,419,968 shares during the period. Institutional investors own 49.88% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CM. Royal Bank Of Canada lifted their price target on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an "outperform" rating in a report on Monday, June 1st. Jefferies Financial Group reiterated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Scotiabank reissued an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Zacks Research downgraded Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Finally, Keefe, Bruyette & Woods began coverage on Canadian Imperial Bank of Commerce in a report on Friday. They set a "market perform" rating for the company. Five analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

CM stock opened at $116.38 on Monday. Canadian Imperial Bank of Commerce has a 1 year low of $72.57 and a 1 year high of $124.86. The stock has a market capitalization of $106.24 billion, a price-to-earnings ratio of 15.99, a PEG ratio of 1.22 and a beta of 1.01. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The stock's fifty day moving average is $117.13 and its two-hundred day moving average is $108.36.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, topping the consensus estimate of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The business had revenue of $5.89 billion during the quarter, compared to analyst estimates of $5.86 billion. During the same quarter in the prior year, the firm earned $2.05 earnings per share. The company's quarterly revenue was up 14.0% on a year-over-year basis. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 7.41 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th were paid a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce's payout ratio is presently 42.58%.

Canadian Imperial Bank of Commerce 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.

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