OMERS ADMINISTRATION Corp Sells 1,249,511 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• OMERS Administration Corp cut its stake in Canadian Imperial Bank of Commerce by 66.2% in the first quarter, selling 1,249,511 shares and leaving it with 636,799 shares worth about $60.2 million.
• CIBC reported better-than-expected quarterly results, with EPS of $1.86 versus estimates of $1.78 and revenue of $5.89 billion, up 14% year over year.
• The bank announced a quarterly dividend of $1.07 per share, implying an annualized yield of 3.6%, while analysts currently rate the stock a consensus Moderate Buy with a $167 target price.

OMERS ADMINISTRATION Corp lessened its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 66.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 636,799 shares of the bank's stock after selling 1,249,511 shares during the period. OMERS ADMINISTRATION Corp owned 0.07% of Canadian Imperial Bank of Commerce worth $60,159,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. Lombard Odier Asset Management Switzerland SA raised its position in Canadian Imperial Bank of Commerce by 83.8% during the 1st quarter. Lombard Odier Asset Management Switzerland SA now owns 78,960 shares of the bank's stock worth $7,481,000 after purchasing an additional 36,000 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Canadian Imperial Bank of Commerce by 45.1% in the first quarter. Public Employees Retirement System of Ohio now owns 152,534 shares of the bank's stock valued at $14,407,000 after buying an additional 47,438 shares during the period. Compound Planning Inc. increased its stake in shares of Canadian Imperial Bank of Commerce by 4.1% in the first quarter. Compound Planning Inc. now owns 14,387 shares of the bank's stock valued at $1,363,000 after buying an additional 573 shares during the period. Bank of Nova Scotia raised its position 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 acquiring an additional 57,210 shares during the last quarter. Finally, Sei Investments Co. raised its position in shares of Canadian Imperial Bank of Commerce by 3.7% during the first quarter. Sei Investments Co. now owns 16,016 shares of the bank's stock worth $1,517,000 after acquiring an additional 570 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Up 0.8%

Shares of CM stock opened at $117.41 on Friday. Canadian Imperial Bank of Commerce has a fifty-two week low of $71.00 and a fifty-two week high of $122.50. 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 has a 50 day simple moving average of $114.03 and a two-hundred day simple moving average of $104.47. The company has a market cap of $107.17 billion, a P/E ratio of 16.13, a PEG ratio of 1.27 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.78 by $0.08. The firm had revenue of $5.89 billion for the quarter, compared to analysts' expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The company's revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.05 EPS. Research analysts forecast that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be paid a dividend of $1.07 per share. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 annualized dividend and a yield of 3.6%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 42.58%.

Analyst Ratings Changes

A number of equities analysts recently commented on CM shares. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, June 1st. Weiss Ratings downgraded shares of Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, July 15th. Finally, Royal Bank Of Canada boosted their target price 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. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and a consensus target price of $167.00.

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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