BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Increases Position in Canadian Imperial Bank of Commerce (NYSE:CM)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 61.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,030,130 shares of the bank’s stock after buying an additional 2,681,428 shares during the quarter. Canadian Imperial Bank of Commerce accounts for approximately 2.0% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s investment portfolio, making the stock its 10th largest position. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.75% of Canadian Imperial Bank of Commerce worth $334,321,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Gulf International Bank UK Ltd grew its stake in Canadian Imperial Bank of Commerce by 3.8% during the 1st quarter. Gulf International Bank UK Ltd now owns 6,390 shares of the bank’s stock valued at $324,000 after acquiring an additional 236 shares in the last quarter. Simplicity Wealth LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 3.9% during the 2nd quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock worth $307,000 after purchasing an additional 240 shares during the last quarter. Bleakley Financial Group LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 5.3% in the first quarter. Bleakley Financial Group LLC now owns 6,208 shares of the bank’s stock worth $315,000 after acquiring an additional 314 shares during the last quarter. Lantz Financial LLC raised its stake in Canadian Imperial Bank of Commerce by 7.1% during the 2nd quarter. Lantz Financial LLC now owns 5,824 shares of the bank’s stock valued at $277,000 after purchasing an additional 385 shares during the last quarter. Finally, Ritholtz Wealth Management lifted its stake in shares of Canadian Imperial Bank of Commerce by 7.4% in the second quarter. Ritholtz Wealth Management now owns 5,946 shares of the bank’s stock valued at $283,000 after buying an additional 408 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Analyst Ratings Changes

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

Canadian Imperial Bank of Commerce Stock Down 0.2 %

NYSE:CM opened at $61.53 on Tuesday. The stock’s fifty day simple moving average is $54.61 and its 200-day simple moving average is $50.81. The firm has a market capitalization of $58.03 billion, a P/E ratio of 12.66, a P/E/G 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 12-month low of $34.35 and a 12-month high of $62.01.

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

Canadian Imperial Bank of Commerce Cuts Dividend

The business 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 of this dividend is Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.24%. Canadian Imperial Bank of Commerce’s payout ratio is 54.73%.

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.