Ninepoint Partners LP Takes Position in Canadian Imperial Bank of Commerce $CM

Ninepoint Partners LP purchased a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 58,346 shares of the bank’s stock, valued at approximately $6,710,000. Canadian Imperial Bank of Commerce accounts for approximately 0.5% of Ninepoint Partners LP’s investment portfolio, making the stock its 28th biggest position.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CM. PCM Encore LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at approximately $386,000. Vise Technologies Inc. acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $3,662,000. Asahi Life Asset Management CO. LTD. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter valued at approximately $436,000. Edmond DE Rothschild Holding S.A. acquired a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter valued at $238,000. Finally, West Family Investments Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $313,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $115.78 on Friday. The stock has a market capitalization of $105.69 billion, a price-to-earnings ratio of 15.90, a PEG ratio of 1.28 and a beta of 1.01. Canadian Imperial Bank of Commerce has a one year low of $72.57 and a one year high of $124.86. The company’s 50-day simple moving average is $117.07 and its 200-day simple moving average is $108.21. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05.

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 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%.Canadian Imperial Bank of Commerce’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.05 earnings per share. Equities analysts anticipate that Canadian Imperial Bank of Commerce will post 7.33 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 28th. Investors of record on Monday, June 29th were given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 42.58%.

Analyst Ratings Changes

Several research firms have commented on CM. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Raymond James Financial reaffirmed a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Royal Bank Of Canada increased their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Finally, Desjardins lowered shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $167.00.

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.