Ontario Teachers Pension Plan Board Takes Position in Canadian Imperial Bank of Commerce $CM

Ontario Teachers Pension Plan Board purchased a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 46,050 shares of the bank’s stock, valued at approximately $3,271,000.

Other large investors have also recently bought and sold shares of the company. Goldman Sachs Group Inc. grew its stake in Canadian Imperial Bank of Commerce by 405.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank’s stock valued at $292,032,000 after acquiring an additional 4,160,938 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Canadian Imperial Bank of Commerce by 31.6% in the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank’s stock worth $595,762,000 after purchasing an additional 2,538,808 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter worth approximately $124,797,000. Geode Capital Management LLC grew its position in Canadian Imperial Bank of Commerce by 19.7% during the second quarter. Geode Capital Management LLC now owns 7,547,548 shares of the bank’s stock valued at $542,697,000 after purchasing an additional 1,244,271 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in Canadian Imperial Bank of Commerce by 23.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 6,055,999 shares of the bank’s stock valued at $340,721,000 after buying an additional 1,133,715 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Royal Bank Of Canada lifted their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research note on Friday, August 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Trading Up 1.1%

Shares of NYSE:CM opened at $87.13 on Friday. The stock has a market capitalization of $80.92 billion, a PE ratio of 14.72, a P/E/G ratio of 1.76 and a beta of 1.03. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $87.29. The firm has a fifty day moving average price of $81.63 and a 200 day moving average price of $74.43. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The company had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same period last year, the company earned $1.93 earnings per share. The business’s revenue was up 3.3% compared to the same quarter last year. Analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 28th. Investors of record on Monday, September 29th were issued a $0.97 dividend. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. The ex-dividend date was Monday, September 29th. This represents a $3.88 annualized dividend and a yield of 4.5%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 47.64%.

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.