Public Employees Retirement System of Ohio Acquires 47,438 Shares of Canadian Imperial Bank of Commerce $CM

Key Points

• Public Employees Retirement System of Ohio increased its CIBC stake by 45.1%, acquiring 47,438 shares for a total of 152,534 shares valued at approximately $14.4 million. Institutional investors own 49.88% of the bank.
• Analysts maintain a “Moderate Buy” consensus with a $167 price target, while CIBC shares recently opened at $117.41 and have traded between $71.00 and $122.50 over the past year.
• CIBC exceeded quarterly expectations with EPS of $1.86 versus the $1.78 estimate and revenue of $5.89 billion. The bank also announced a quarterly dividend of $1.07 per share, representing a 3.6% annualized yield.

Public Employees Retirement System of Ohio lifted its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 45.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 152,534 shares of the bank's stock after acquiring an additional 47,438 shares during the period. Public Employees Retirement System of Ohio's holdings in Canadian Imperial Bank of Commerce were worth $14,407,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of CM. Larson Financial Group LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 119.7% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank's stock worth $32,000 after purchasing an additional 219 shares during the period. EFG International AG bought a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at about $35,000. Lodestone Wealth Management LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at about $37,000. Global Assets Advisory LLC acquired a new stake in Canadian Imperial Bank of Commerce during the first quarter worth about $54,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA increased its stake in Canadian Imperial Bank of Commerce by 87.0% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank's stock valued at $69,000 after acquiring an additional 400 shares during the period. 49.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CM has been the subject of a number of research reports. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, July 15th. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Scotiabank reissued an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $117.41 on Monday. The business has a 50 day simple moving average of $114.03 and a 200 day simple moving average of $104.55. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $107.17 billion, a PE ratio of 16.13, a price-to-earnings-growth ratio of 1.27 and a beta of 1.02. Canadian Imperial Bank of Commerce has a one year low of $71.00 and a one year high of $122.50.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.08. The firm had revenue of $5.89 billion during the quarter, compared to analyst estimates 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 business'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 company posted $2.05 earnings per share. On average, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

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