Investment Management Corp of Ontario Buys 80,914 Shares of Canadian Imperial Bank of Commerce $CM

Investment Management Corp of Ontario raised its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 38.6% during the 4th quarter, Holdings Channel reports. The fund owned 290,749 shares of the bank’s stock after purchasing an additional 80,914 shares during the period. Investment Management Corp of Ontario’s holdings in Canadian Imperial Bank of Commerce were worth $26,345,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Janus Henderson Group PLC boosted its position in Canadian Imperial Bank of Commerce by 2.0% during the 4th quarter. Janus Henderson Group PLC now owns 195,970 shares of the bank’s stock valued at $17,771,000 after acquiring an additional 3,800 shares in the last quarter. Engineers Gate Manager LP bought a new stake in Canadian Imperial Bank of Commerce during the 4th quarter valued at $2,420,000. Balyasny Asset Management L.P. bought a new stake in Canadian Imperial Bank of Commerce during the 4th quarter valued at $2,045,000. Caisse de depot et placement du Quebec boosted its position in Canadian Imperial Bank of Commerce by 109.9% during the 4th quarter. Caisse de depot et placement du Quebec now owns 1,201,554 shares of the bank’s stock valued at $109,071,000 after acquiring an additional 629,103 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in Canadian Imperial Bank of Commerce by 766.4% during the 4th quarter. AQR Capital Management LLC now owns 415,892 shares of the bank’s stock valued at $37,701,000 after acquiring an additional 367,890 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CM shares. Zacks Research cut Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Jefferies Financial Group reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Weiss Ratings cut Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, June 4th. Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Finally, Royal Bank Of Canada raised their price objective on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and an average price target of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $112.86 on Thursday. The firm has a market capitalization of $103.02 billion, a price-to-earnings ratio of 15.50, a price-to-earnings-growth ratio of 1.22 and a beta of 1.02. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. The business has a fifty day moving average of $109.88 and a 200 day moving average of $99.83. Canadian Imperial Bank of Commerce has a 1 year low of $68.41 and a 1 year high of $117.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.08. The company had revenue of $5.89 billion during the quarter, compared to analyst estimates of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The firm’s quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter last year, the business posted $2.05 EPS. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 7.43 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be paid a $1.07 dividend. The ex-dividend date is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a yield of 3.8%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 43.13%.

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.