Plato Investment Management Ltd Makes New $6.86 Million Investment in Canadian Imperial Bank of Commerce $CM

Key Points

• Plato Investment Management purchased 59,922 shares of Canadian Imperial Bank of Commerce, valued at approximately $6.86 million, in the second quarter. Institutional investors collectively own 49.88% of CIBC’s stock.
• CIBC reported quarterly EPS of $1.86, exceeding analysts’ $1.78 estimate, while revenue rose 14% year over year to $5.89 billion. Analysts expect full-year EPS of approximately $7.33.
• The bank pays a quarterly dividend of $1.07, equivalent to an annualized $4.28 and a 3.5% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $167, compared with a recent share price of $123.73.

Plato Investment Management Ltd purchased a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 59,922 shares of the bank's stock, valued at approximately $6,857,000.

A number of other large investors have also made changes to their positions in CM. Vanguard Group Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 2.1% during 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 grew its position in shares of Canadian Imperial Bank of Commerce by 26.1% in the 4th 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 period. Bank of Nova Scotia increased its stake in Canadian Imperial Bank of Commerce by 0.5% during the 1st 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 in the last quarter. Cibc World Market Inc. increased its stake in Canadian Imperial Bank of Commerce by 1.3% during the 4th 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 in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in Canadian Imperial Bank of Commerce by 69.3% during the 4th quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank's stock worth $986,173,000 after buying an additional 4,419,968 shares during the period. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM opened at $123.73 on Monday. 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 12-month low of $72.57 and a 12-month high of $123.76. The company has a market capitalization of $112.94 billion, a PE ratio of 17.00, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. The firm's 50 day moving average is $116.34 and its 200-day moving average is $107.47.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its 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 analysts' expectations of $5.86 billion. During the same quarter in the prior year, the company posted $2.05 earnings per share. The firm's revenue was up 14.0% on a year-over-year basis. Equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 7.33 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th were issued a $1.07 dividend. The ex-dividend date was Monday, June 29th. This represents a $4.28 annualized dividend and a dividend yield of 3.5%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 42.58%.

Analysts Set New Price Targets

CM has been the topic of a number of research reports. Raymond James Financial reaffirmed a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. 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. Royal Bank Of Canada boosted their price objective on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an "outperform" rating in a research report on Monday, June 1st. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a "buy (b)" rating to a "buy (b+)" rating in a report on Friday, July 31st. Finally, Barclays reissued an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, June 1st. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and an average target price of $167.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source