Canadian Imperial Bank of Commerce (NYSE:CM) Shares Bought by Public Sector Pension Investment Board

Public Sector Pension Investment Board grew its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.3% in the second quarter, according to its most recent filing with the SEC. The firm owned 2,812,964 shares of the bank’s stock after acquiring an additional 37,082 shares during the quarter. Canadian Imperial Bank of Commerce comprises approximately 0.8% of Public Sector Pension Investment Board’s holdings, making the stock its 18th largest position. Public Sector Pension Investment Board owned approximately 0.30% of Canadian Imperial Bank of Commerce worth $133,725,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Ridgewood Investments LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter valued at $29,000. EverSource Wealth Advisors LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 574.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock worth $51,000 after purchasing an additional 908 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in Canadian Imperial Bank of Commerce during the second quarter worth approximately $51,000. Jones Financial Companies Lllp bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth approximately $107,000. Finally, BNP Paribas Financial Markets acquired a new position in Canadian Imperial Bank of Commerce in the first quarter worth approximately $175,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on CM. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” 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 research note on Friday, August 2nd. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, August 30th. Finally, BMO Capital Markets upped their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $61.68 on Monday. The company’s fifty day moving average is $54.38 and its two-hundred day moving average is $50.73. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15. The company has a market cap of $58.17 billion, a P/E ratio of 12.69, a price-to-earnings-growth ratio of 1.85 and a beta of 1.07. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $62.01.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.63%. The firm had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same quarter in the prior year, the business earned $1.14 EPS. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. Equities analysts expect 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 company also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Investors 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 54.73%.

Canadian Imperial Bank of Commerce Company 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.