State of Wyoming Makes New Investment in Canadian Imperial Bank of Commerce $CM

Key Points

• Wyoming purchased 10,070 shares of Canadian Imperial Bank of Commerce in the second quarter, worth approximately $1.16 million. Institutional investors collectively own 49.88% of the bank’s stock.
• Analysts maintain a “Moderate Buy” consensus with a $167 price target; ratings include five Buys and four Holds.
• CIBC exceeded quarterly earnings expectations, reporting $1.86 in EPS versus the $1.78 estimate and $5.89 billion in revenue. The bank also pays a quarterly dividend of $1.07 per share, representing a 3.5% annualized yield.

State of Wyoming purchased a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 10,070 shares of the bank's stock, valued at approximately $1,159,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norges Bank purchased a new stake in Canadian Imperial Bank of Commerce during the 4th quarter worth about $958,383,000. Mackenzie Financial Corp grew 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 valued at $986,173,000 after buying an additional 4,419,968 shares in the last quarter. FIL Ltd grew its holdings in Canadian Imperial Bank of Commerce by 26.1% during the 4th quarter. FIL Ltd now owns 12,756,323 shares of the bank's stock valued at $1,156,438,000 after buying an additional 2,643,495 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Canadian Imperial Bank of Commerce by 24.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank's stock valued at $808,281,000 after buying an additional 1,720,220 shares during the period. Finally, Morgan Stanley increased its position in shares of Canadian Imperial Bank of Commerce by 39.5% during the fourth quarter. Morgan Stanley now owns 4,988,745 shares of the bank's stock valued at $452,030,000 after buying an additional 1,412,363 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. 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. Raymond James Financial reissued a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Finally, Royal Bank Of Canada boosted their price target 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. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $123.73 on Friday. The stock has a market cap of $112.94 billion, a P/E ratio of 17.00, a PEG ratio of 1.34 and a beta of 1.01. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The business's 50-day moving average price is $116.34 and its two-hundred day moving average price is $107.36. Canadian Imperial Bank of Commerce has a twelve month low of $72.57 and a twelve month high of $123.76.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 EPS 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 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%.Canadian Imperial Bank of Commerce's revenue was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.05 earnings per share. As a group, equities analysts predict that Canadian Imperial Bank of Commerce will post 7.33 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th were given a dividend of $1.07 per share. The ex-dividend date was Monday, June 29th. This represents a $4.28 annualized dividend and a yield of 3.5%. Canadian Imperial Bank of Commerce's payout ratio is presently 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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