Healthcare of Ontario Pension Plan Trust Fund Sells 5,059,630 Shares of Canadian Imperial Bank of Commerce $CM

Healthcare of Ontario Pension Plan Trust Fund lowered its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 59.9% in the first quarter, HoldingsChannel reports. The firm owned 3,389,515 shares of the bank’s stock after selling 5,059,630 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Canadian Imperial Bank of Commerce were worth $321,122,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

CM has been the topic of several research analyst reports. Weiss Ratings cut Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Scotiabank reissued an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Barclays restated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Stock Up 0.8%

NYSE:CM opened at $117.41 on Friday. The company has a market cap of $107.17 billion, a price-to-earnings ratio of 16.13, a P/E/G ratio of 1.26 and a beta of 1.02. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The stock’s fifty day moving average price is $114.03 and its two-hundred day moving average price is $104.47. Canadian Imperial Bank of Commerce has a 52-week low of $71.00 and a 52-week high of $122.50.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating the consensus estimate of $1.78 by $0.08. The company 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 business’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same period last year, the firm earned $2.05 EPS. On average, analysts anticipate that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be issued a $1.07 dividend. The ex-dividend date is Monday, June 29th. This represents a $4.28 annualized dividend and a yield of 3.6%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 42.58%.

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.