Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board reduced its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 7.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,169,855 shares of the bank’s stock after selling 419,756 shares during the quarter. Canada Pension Plan Investment Board owned 0.55% of Canadian Imperial Bank of Commerce worth $245,770,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Principal Securities Inc. purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at $64,000. Principal Financial Group Inc. increased its stake in shares of Canadian Imperial Bank of Commerce by 47.0% in the 4th quarter. Principal Financial Group Inc. now owns 68,300 shares of the bank’s stock valued at $3,305,000 after purchasing an additional 21,833 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in Canadian Imperial Bank of Commerce by 3.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 76,935 shares of the bank’s stock worth $3,704,000 after purchasing an additional 2,920 shares during the period. UBS Group AG boosted its position in Canadian Imperial Bank of Commerce by 18.9% during the fourth quarter. UBS Group AG now owns 356,914 shares of the bank’s stock worth $17,182,000 after purchasing an additional 56,777 shares in the last quarter. Finally, Clearbridge Investments LLC acquired a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $44,779,000. 49.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, August 30th. Finally, Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM opened at $61.66 on Friday. The stock has a market capitalization of $58.15 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 1.85 and a beta of 1.07. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15. Canadian Imperial Bank of Commerce has a 52 week low of $34.35 and a 52 week high of $61.90. The firm has a 50-day simple moving average of $54.12 and a 200-day simple moving average of $50.61.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. The business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.63% and a net margin of 10.66%. The business’s revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.14 earnings per share. On average, equities analysts predict that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.652 per share. The ex-dividend date is Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.23%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.73%.

About Canadian Imperial Bank of Commerce

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.