Healthcare of Ontario Pension Plan Trust Fund Decreases Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Healthcare of Ontario Pension Plan Trust Fund trimmed its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 14.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,990,237 shares of the bank’s stock after selling 1,339,228 shares during the quarter. Canadian Imperial Bank of Commerce accounts for approximately 1.2% of Healthcare of Ontario Pension Plan Trust Fund’s investment portfolio, making the stock its 13th largest position. Healthcare of Ontario Pension Plan Trust Fund owned 0.85% of Canadian Imperial Bank of Commerce worth $490,107,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of CM. Toronto Dominion Bank boosted its holdings in Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after acquiring an additional 3,942,894 shares during the period. Cetera Advisors LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the first quarter worth about $1,278,000. Legal & General Group Plc increased its stake in Canadian Imperial Bank of Commerce by 3.3% in the 2nd quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after buying an additional 228,130 shares during the period. Ritholtz Wealth Management lifted its holdings in Canadian Imperial Bank of Commerce by 140.6% during the 3rd quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock valued at $878,000 after buying an additional 8,362 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its position in Canadian Imperial Bank of Commerce by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after buying an additional 375,837 shares during the period. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 1.0 %

Shares of CM stock opened at $64.74 on Wednesday. The stock’s fifty day moving average price is $62.58 and its 200 day moving average price is $55.27. Canadian Imperial Bank of Commerce has a 1-year low of $37.97 and a 1-year high of $65.89. The company has a market cap of $61.15 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 1.71 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The firm had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.28 billion. During the same quarter in the prior year, the company posted $1.14 earnings per share. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. On average, research analysts expect that Canadian Imperial Bank of Commerce will post 5.27 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were given a dividend of $0.652 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a yield of 4.03%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 52.46%.

Analyst Upgrades and Downgrades

CM has been the subject of several research analyst reports. BMO Capital Markets lifted their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. Finally, Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and an average target price of $81.00.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.