Ninepoint Partners LP Buys New Stake 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) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 58,346 shares of the bank’s stock, valued at approximately $6,710,000. Canadian Imperial Bank of Commerce accounts for 0.5% of Ninepoint Partners LP’s holdings, making the stock its 28th largest position.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new position in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $958,383,000. Mackenzie Financial Corp boosted its stake in shares of Canadian Imperial Bank of Commerce by 69.3% in the fourth 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 period. FIL Ltd grew its holdings in shares of 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 purchasing an additional 2,643,495 shares in the last quarter. Deutsche Bank AG purchased a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $237,643,000. Finally, The Manufacturers Life Insurance Company increased its stake in Canadian Imperial Bank of Commerce by 24.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank’s stock worth $808,281,000 after buying an additional 1,720,220 shares during the period. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on CM shares. 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. Raymond James Financial reiterated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b)” rating to a “buy (b+)” rating in a report on Friday, July 31st. Scotiabank reissued an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Finally, Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and an average target price of $167.00.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $115.78 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The company has a fifty day simple moving average of $117.07 and a 200-day simple moving average of $108.21. The stock has a market cap of $105.69 billion, a P/E ratio of 15.90, a price-to-earnings-growth ratio of 1.28 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 12-month low of $72.57 and a 12-month high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted 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 firm had revenue of $5.89 billion for 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 revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.05 earnings per share. Equities analysts expect that Canadian Imperial Bank of Commerce will post 7.33 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th were issued a $1.07 dividend. 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 payout ratio is presently 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.