PensionDanmark Pensionsforsikringsaktieselskab Has $25.56 Million Stock Holdings in Canadian Imperial Bank of Commerce $CM

Key Points

• PensionDanmark increased its CIBC stake by 8.9% in the second quarter, adding 18,100 shares to own 222,010 shares valued at approximately $25.56 million. Institutional investors collectively hold 49.88% of CIBC’s stock.
• CIBC reported quarterly earnings of $1.86 per share, exceeding the $1.78 consensus estimate, while revenue rose 14% year over year to $5.89 billion.
• Analysts maintain a “Moderate Buy” consensus with a $167 target price. CIBC also declared a quarterly dividend of $1.07, equivalent to a 3.6% annualized yield.

PensionDanmark Pensionsforsikringsaktieselskab increased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 8.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 222,010 shares of the bank's stock after purchasing an additional 18,100 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab's holdings in Canadian Imperial Bank of Commerce were worth $25,557,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CM. Investment Management Corp of Ontario increased its stake in shares of Canadian Imperial Bank of Commerce by 38.6% in the 4th quarter. Investment Management Corp of Ontario now owns 290,749 shares of the bank's stock valued at $26,345,000 after acquiring an additional 80,914 shares in the last quarter. Bank of Nova Scotia grew its holdings in Canadian Imperial Bank of Commerce by 0.5% in 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. Mediolanum International Funds Ltd increased its stake in Canadian Imperial Bank of Commerce by 142.8% in the first quarter. Mediolanum International Funds Ltd now owns 142,455 shares of the bank's stock valued at $13,086,000 after purchasing an additional 83,784 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Canadian Imperial Bank of Commerce by 2.0% during the fourth quarter. Legal & General Group Plc now owns 6,475,253 shares of the bank's stock valued at $587,790,000 after purchasing an additional 125,069 shares during the period. Finally, Intech Investment Management LLC boosted its position in shares of Canadian Imperial Bank of Commerce by 6.5% during the 4th quarter. Intech Investment Management LLC now owns 343,828 shares of the bank's stock worth $31,211,000 after purchasing an additional 21,078 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CM shares. Scotiabank restated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Barclays reiterated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a "buy (b)" rating to a "buy (b+)" rating in a report on Friday, July 31st. Finally, Desjardins cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Tuesday. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Down 0.3%

Canadian Imperial Bank of Commerce stock opened at $118.34 on Friday. The firm has a 50 day moving average price of $114.83 and a 200-day moving average price of $106.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a twelve month low of $71.78 and a twelve month high of $122.50. The company has a market capitalization of $108.03 billion, a P/E ratio of 16.26, a P/E/G ratio of 1.29 and a beta of 1.01.

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 for the quarter, topping the consensus estimate of $1.78 by $0.08. The company had revenue of $5.89 billion during the quarter, compared to the consensus estimate 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 firm's quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.05 EPS. As a group, equities analysts predict that Canadian Imperial Bank of Commerce will post 7.35 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th were issued a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 42.58%.

Canadian Imperial Bank of Commerce Company 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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