Korea Investment CORP Makes New Investment in Canadian Imperial Bank of Commerce $CM

Korea Investment CORP purchased a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 657,044 shares of the bank’s stock, valued at approximately $75,636,000.

A number of other institutional investors and hedge funds also recently modified their holdings of CM. EP Wealth Advisors LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter worth approximately $335,000. Ieq Capital LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth $1,560,000. Callan Family Office LLC acquired a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $266,000. Expressive Wealth LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at $372,000. Finally, OneAscent Family Office LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at $256,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock opened at $116.38 on Friday. The firm has a market cap of $106.24 billion, a P/E ratio of 15.99, a P/E/G ratio of 1.26 and a beta of 1.01. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 1-year low of $72.57 and a 1-year high of $124.86. The firm has a fifty day moving average of $117.13 and a two-hundred day moving average of $108.27.

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, beating analysts’ consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The business had revenue of $5.89 billion for the quarter, compared to analyst estimates of $5.86 billion. During the same quarter in the prior year, the business posted $2.05 EPS. The company’s revenue for the quarter was up 14.0% on a year-over-year basis. As a group, research 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 Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CM shares. Raymond James Financial reiterated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Zacks Research lowered Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Royal Bank Of Canada raised their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an “outperform” rating in a report on Monday, June 1st. Finally, Desjardins cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Tuesday, August 4th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock 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.