Public Sector Pension Investment Board Increases Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Key Points

• The Public Sector Pension Investment Board has increased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) by 27.2%, now owning 4,681,008 shares valued at over $263 million.
• The bank reported a quarterly earnings raise, achieving an EPS of $1.44, surpassing analysts' expectations of $1.34 and showing a revenue increase of 13.9% year-over-year.
• Canadian Imperial Bank of Commerce recently declared a dividend increase from $0.67 to $0.7024 per share, reflecting a dividend yield of 3.9%.

Public Sector Pension Investment Board boosted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 27.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,681,008 shares of the bank's stock after purchasing an additional 1,000,400 shares during the quarter. Canadian Imperial Bank of Commerce comprises approximately 1.1% of Public Sector Pension Investment Board's investment portfolio, making the stock its 12th largest holding. Public Sector Pension Investment Board owned about 0.50% of Canadian Imperial Bank of Commerce worth $263,281,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Gradient Investments LLC boosted its position in Canadian Imperial Bank of Commerce by 2.4% in the first quarter. Gradient Investments LLC now owns 8,278 shares of the bank's stock worth $466,000 after purchasing an additional 191 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Canadian Imperial Bank of Commerce by 4.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock worth $255,000 after buying an additional 194 shares during the last quarter. Benjamin Edwards Inc. increased its position in Canadian Imperial Bank of Commerce by 5.3% in the first quarter. Benjamin Edwards Inc. now owns 4,320 shares of the bank's stock worth $243,000 after buying an additional 216 shares during the last quarter. Private Trust Co. NA increased its position in Canadian Imperial Bank of Commerce by 40.0% in the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock worth $44,000 after buying an additional 223 shares during the last quarter. Finally, PDS Planning Inc increased its position in Canadian Imperial Bank of Commerce by 5.2% in the first quarter. PDS Planning Inc now owns 5,438 shares of the bank's stock worth $306,000 after buying an additional 271 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Analyst Ratings Changes

CM has been the topic of several recent research reports. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. BMO Capital Markets increased their target price on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Scotiabank initiated coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Royal Bank Of Canada increased their target price on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Finally, Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and an average price target of $109.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock traded up $0.43 on Thursday, hitting $73.78. 849,082 shares of the company traded hands, compared to its average volume of 1,174,563. The firm's 50-day simple moving average is $71.37 and its 200 day simple moving average is $64.58. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. The company has a market cap of $68.72 billion, a P/E ratio of 12.97, a P/E/G ratio of 1.58 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 12-month low of $51.44 and a 12-month high of $74.63.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.10. The firm had revenue of $5.09 billion for the quarter, compared to analysts' expectations of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The business's quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter last year, the company posted $1.75 EPS. Analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Friday, June 27th were paid a $0.7024 dividend. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 3.8%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 49.56%.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.