Public Employees Retirement System of Ohio Makes New Investment in Canadian Imperial Bank of Commerce $CM

Key Points

• Ohio’s public employees’ pension system bought 224,302 CIBC shares during the second quarter, valued at approximately $25.8 million. Institutional investors collectively own nearly 49.9% of the bank.
• CIBC reported strong quarterly results, including earnings that exceeded analyst expectations and adjusted EPS growth of 26% year over year. The bank also declared a quarterly dividend of C$1.07 per share, representing an annualized yield of about 3.7%.
• Despite the profit beat, a C$269 million charge tied to the sale of CIBC Caribbean Bank and a decline in the CET1 capital ratio to 13.4% weighed on investor sentiment. Analysts maintain a “Moderate Buy” consensus with an average price target of C$167.

Public Employees Retirement System of Ohio bought a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 224,302 shares of the bank's stock, valued at approximately $25,820,000.

A number of other hedge funds have also made changes to their positions in the company. Capstone Investment Advisors LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth $1,479,000. Pure Financial Advisors LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth about $372,000. Corient Private Wealth LP acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $1,846,000. Ausdal Financial Partners Inc. acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $257,000. Finally, Bank of America Corp DE purchased a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $273,484,000. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce News Summary

Here are the key news stories impacting Canadian Imperial Bank of Commerce this week:

• Positive Sentiment: Adjusted third-quarter earnings per share rose 26% year over year to $2.73, marking CIBC’s ninth consecutive quarter of double-digit EPS growth. Adjusted net income increased to C$2.648 billion on revenue of C$8.368 billion, while return on equity reached 16.8%. CIBC Notches a Ninth Straight Quarter of Double-Digit Growth
• Positive Sentiment: Profit exceeded analyst expectations, supported by growth in domestic retail banking, capital markets and CIBC’s U.S. operations. Reported quarterly earnings reached C$2.41 billion, up from C$2.1 billion a year earlier. CIBC Beats Profit Forecast on Growth in Domestic Banking
• Positive Sentiment: CIBC declared a quarterly dividend of C$1.07 per share, payable October 28 to shareholders of record September 28. The dividend supports an annualized yield of approximately 3.7% and may appeal to income-focused investors.
• Neutral Sentiment: Analysts’ recent price targets remain above the current trading range, with targets of C$144, C$157 and C$167. However, these targets predate the latest earnings reaction and may not yet reflect investor concerns about capital and one-time costs.
• Negative Sentiment: The quarter included C$269 million in charges related to the announced sale of CIBC Caribbean Bank. The bank’s CET1 capital ratio also declined to 13.4% from 13.6%, partly because of the charge, a minority investment closing and share repurchases. Those factors offset the operating-profit beat and contributed to the weaker market response. CIBC Slides After Earnings as Sale Charge and Capital Ratio Dip Offset a Profit Beat

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $114.46 on Friday. The stock has a market capitalization of $104.48 billion, a P/E ratio of 15.28, a P/E/G ratio of 1.20 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 12-month low of $76.10 and a 12-month high of $124.86. 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 firm's 50-day moving average is $117.46 and its two-hundred day moving average is $109.00.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates of $1.80 by $0.16. The business had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.74 billion. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.07%. Equities analysts predict that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th will be issued a $1.07 dividend. The ex-dividend date is Monday, September 28th. This represents a $4.28 annualized dividend and a yield of 3.7%. Canadian Imperial Bank of Commerce's payout ratio is 42.58%.

Analysts Set New Price Targets

Several analysts have issued reports on CM shares. Keefe, Bruyette & Woods assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. They issued a "market perform" rating on the stock. Desjardins cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Jefferies Financial Group restated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Raymond James Financial reiterated a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Finally, Weiss Ratings raised Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" and an average 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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