Alberta Investment Management Corp Takes Position in Canadian Imperial Bank of Commerce $CM

Alberta Investment Management Corp acquired a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 261,100 shares of the bank’s stock, valued at approximately $23,671,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CM. Canerector Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 11,021.0% in the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock valued at $1,776,913,000 after buying an additional 22,042,000 shares in the last quarter. Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $958,383,000. The Manufacturers Life Insurance Company increased its position in shares of Canadian Imperial Bank of Commerce by 24.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank’s stock valued at $808,281,000 after buying an additional 1,720,220 shares in the last quarter. Morgan Stanley increased its position in shares of Canadian Imperial Bank of Commerce by 39.5% during the fourth quarter. Morgan Stanley now owns 4,988,745 shares of the bank’s stock worth $452,030,000 after purchasing an additional 1,412,363 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Canadian Imperial Bank of Commerce by 10.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,349,841 shares of the bank’s stock worth $826,866,000 after purchasing an additional 980,811 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on CM shares. Weiss Ratings cut Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, June 4th. Raymond James Financial reiterated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Zacks Research cut Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Scotiabank cut Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research report on Monday, June 1st. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $167.00.

Canadian Imperial Bank of Commerce Stock Up 0.2%

Shares of NYSE:CM opened at $113.68 on Tuesday. 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 $109.20 and a two-hundred day moving average of $99.43. The stock has a market cap of $103.77 billion, a P/E ratio of 15.61, a PEG ratio of 1.22 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 52-week low of $68.32 and a 52-week high of $117.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued 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. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The company had revenue of $5.89 billion during the quarter, compared to analysts’ expectations of $5.86 billion. During the same period in the prior year, the business earned $2.05 EPS. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. On average, research analysts expect that Canadian Imperial Bank of Commerce will post 7.43 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 43.13%.

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.