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 reduced its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 59.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,389,515 shares of the bank’s stock after selling 5,059,630 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned about 0.37% of Canadian Imperial Bank of Commerce worth $321,122,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Sivia Capital Partners LLC acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $262,000. EverSource Wealth Advisors LLC boosted its position in shares of Canadian Imperial Bank of Commerce by 12.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock valued at $128,000 after acquiring an additional 193 shares during the period. Brown Advisory Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 2.6% in the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock valued at $445,000 after acquiring an additional 160 shares during the period. Qube Research & Technologies Ltd grew its stake in shares of Canadian Imperial Bank of Commerce by 74.6% in the second quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank’s stock worth $23,833,000 after acquiring an additional 143,588 shares during the last quarter. Finally, NewEdge Advisors LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 7,315.0% in the second quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank’s stock worth $210,000 after acquiring an additional 2,926 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on CM shares. Weiss Ratings cut shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, July 15th. Scotiabank restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research 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. Royal Bank Of Canada boosted their price objective on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $167.00.

Canadian Imperial Bank of Commerce Trading Up 0.8%

Shares of CM stock opened at $117.41 on Friday. The firm has a fifty day moving average of $114.03 and a 200-day moving average of $104.47. The stock 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. Canadian Imperial Bank of Commerce has a 52-week low of $71.00 and a 52-week high of $122.50. 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 posted its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.08. The business had revenue of $5.89 billion for the quarter, compared to analysts’ expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The firm’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.05 earnings per share. On average, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be issued a $1.07 dividend. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.6%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 42.58%.

Canadian Imperial Bank of Commerce Company 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.