Cibc World Market Inc. Invests $1.34 Billion in Canadian Imperial Bank of Commerce $CM

Cibc World Market Inc. bought a new position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 11,569,311 shares of the bank’s stock, valued at approximately $1,342,850,000. Canadian Imperial Bank of Commerce makes up 2.2% of Cibc World Market Inc.’s holdings, making the stock its 7th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sivia Capital Partners LLC purchased a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at approximately $262,000. EverSource Wealth Advisors LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 12.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock worth $128,000 after acquiring an additional 193 shares in the last quarter. Brown Advisory Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 2.6% during the 2nd quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock worth $445,000 after acquiring an additional 160 shares in the last quarter. Qube Research & Technologies Ltd boosted its position in shares of Canadian Imperial Bank of Commerce by 74.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank’s stock valued at $23,833,000 after acquiring an additional 143,588 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its position in shares of Canadian Imperial Bank of Commerce by 7,315.0% during the 2nd quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank’s stock valued at $210,000 after acquiring an additional 2,926 shares during the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Down 0.1%

Shares of CM opened at $116.38 on Monday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The business has a fifty day moving average of $117.13 and a 200 day moving average of $108.36. The company has a market cap of $106.24 billion, a PE ratio of 15.99, a P/E/G ratio of 1.22 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 52-week low of $72.57 and a 52-week high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.08. The business 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%.The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.05 earnings per share. On average, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 7.41 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

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

Wall Street Analyst Weigh In

CM has been the subject of a number of recent research reports. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Keefe, Bruyette & Woods initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Friday. They set a “market perform” rating for the company. Desjardins cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Finally, TD Securities restated a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.