Varma Mutual Pension Insurance Co Invests $22.61 Million in Canadian Imperial Bank of Commerce $CM

Key Points

• Varma Mutual Pension Insurance Co. acquired 196,411 shares of Canadian Imperial Bank of Commerce, valued at approximately $22.61 million. Institutional investors collectively own 49.88% of the bank’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 project $7.41 in full-year EPS.
• The bank declared a quarterly dividend of $1.07, or $4.28 annualized, representing a 3.7% yield. Analysts maintain a “Moderate Buy” consensus rating with a $167 average price target.

Varma Mutual Pension Insurance Co acquired a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 196,411 shares of the bank's stock, valued at approximately $22,610,000.

A number of other institutional investors have also bought and sold shares of CM. Larson Financial Group LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 119.7% in the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank's stock worth $32,000 after acquiring an additional 219 shares during the last quarter. EFG International AG acquired a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at about $35,000. Bell Investment Advisors Inc acquired a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $36,000. Global Assets Advisory LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter valued at about $54,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA grew its holdings in shares of Canadian Imperial Bank of Commerce by 87.0% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank's stock valued at $69,000 after purchasing an additional 400 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Up 0.6%

Shares of CM opened at $116.38 on Friday. The stock has a market capitalization of $106.24 billion, a PE ratio of 15.99, a P/E/G ratio of 1.27 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 1 year low of $72.57 and a 1 year high of $124.86. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The company's 50-day simple moving average is $117.13 and its 200-day simple moving average is $108.27.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released 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 return on equity of 16.31% and a net margin of 15.84%.The firm had revenue of $5.89 billion during the quarter, compared to analysts' expectations of $5.86 billion. During the same period in the previous year, the firm posted $2.05 EPS. Canadian Imperial Bank of Commerce's revenue for the quarter was up 14.0% on a year-over-year basis. Analysts forecast that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 28th. Investors of record on Monday, June 29th were issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is 42.58%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CM. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Keefe, Bruyette & Woods began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Friday. They issued a "market perform" rating for the company. Jefferies Financial Group restated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. 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. Finally, Raymond James Financial reaffirmed a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $167.00.

About Canadian Imperial Bank of Commerce

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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