Ontario Teachers Pension Plan Board Buys 6,665 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Ontario Teachers Pension Plan Board boosted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 55.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 18,601 shares of the bank’s stock after acquiring an additional 6,665 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Canadian Imperial Bank of Commerce were worth $1,141,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Toronto Dominion Bank raised its holdings in Canadian Imperial Bank of Commerce by 17.9% in the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after purchasing an additional 3,942,894 shares during the period. Cibc World Market Inc. raised its holdings in Canadian Imperial Bank of Commerce by 18.9% in the second quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock worth $938,834,000 after purchasing an additional 3,143,734 shares during the period. National Bank of Canada FI raised its holdings in Canadian Imperial Bank of Commerce by 26.8% in the second quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock worth $867,377,000 after purchasing an additional 3,875,280 shares during the period. CIBC Asset Management Inc raised its holdings in shares of Canadian Imperial Bank of Commerce by 3.4% during the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock worth $696,659,000 after acquiring an additional 375,837 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Canadian Imperial Bank of Commerce by 14.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after acquiring an additional 1,305,665 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $64.88 on Thursday. The firm has a 50-day moving average of $62.28 and a 200-day moving average of $54.76. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $61.29 billion, a PE ratio of 12.75, a P/E/G ratio of 1.84 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 52-week low of $37.97 and a 52-week high of $65.09.

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 analysts’ consensus estimates of $1.74 by $0.19. The company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. Canadian Imperial Bank of Commerce’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.14 EPS. On average, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were paid a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.26%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. BMO Capital Markets raised their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report 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 report on Friday, August 2nd. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Finally, StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $81.00.

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.