Plato Investment Management Ltd Takes Position in Canadian Imperial Bank of Commerce $CM

Plato Investment Management Ltd bought a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 59,922 shares of the bank’s stock, valued at approximately $6,857,000.

A number of other large investors have also recently added to or reduced their stakes in CM. Vanguard Group Inc. increased its stake in shares of Canadian Imperial Bank of Commerce by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank’s stock worth $3,907,078,000 after purchasing an additional 876,974 shares during the last quarter. FIL Ltd raised its stake in Canadian Imperial Bank of Commerce by 26.1% in the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock valued at $1,156,438,000 after buying an additional 2,643,495 shares during the period. Bank of Nova Scotia lifted its position in shares of Canadian Imperial Bank of Commerce by 0.5% in the first quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank’s stock valued at $1,201,762,000 after buying an additional 57,210 shares during the last quarter. Cibc World Market Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 1.3% during the 4th quarter. Cibc World Market Inc. now owns 12,010,183 shares of the bank’s stock worth $1,088,243,000 after acquiring an additional 158,634 shares during the period. Finally, Mackenzie Financial Corp increased its holdings in shares of Canadian Imperial Bank of Commerce by 69.3% during the 4th quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock worth $986,173,000 after acquiring an additional 4,419,968 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

CM has been the subject of a number of research analyst reports. Desjardins cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Tuesday, August 4th. TD Securities restated a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday. Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a “buy (b)” rating to a “buy (b+)” rating in a research note on Friday, July 31st. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $167.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $123.73 on Monday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $112.94 billion, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. Canadian Imperial Bank of Commerce has a twelve month low of $72.57 and a twelve month high of $123.76. The company has a 50-day simple moving average of $116.34 and a two-hundred day simple moving average of $107.47.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.08. The firm had revenue of $5.89 billion during the quarter, compared to analysts’ expectations 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 company’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.05 EPS. Analysts forecast that Canadian Imperial Bank of Commerce will post 7.33 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th were paid a dividend of $1.07 per share. The ex-dividend date of this dividend was Monday, June 29th. This represents a $4.28 annualized dividend and a dividend yield of 3.5%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 42.58%.

Canadian Imperial Bank of Commerce Profile

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.