Healthcare of Ontario Pension Plan Trust Fund Reduces Stake in Canadian Imperial Bank of Commerce

The Healthcare of Ontario Pension Plan Trust Fund has reduced its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM, TSE:CM) by 14.4% during the third quarter. This adjustment was revealed in the latest filing with the Securities & Exchange Commission. After selling 1,339,228 shares during the quarter, the fund now holds a total of 7,990,237 shares in the bank.

Canadian Imperial Bank of Commerce represents about 1.2% of the Healthcare of Ontario Pension Plan Trust Fund's investment portfolio, ranking as the 13th largest position in their investments. The fund’s stake in Canadian Imperial Bank of Commerce is valued at approximately $490,107,000 based on the latest reporting period, equating to 0.85% of the bank's total shares outstanding.

Other Institutional Investments in Canadian Imperial Bank of Commerce

Several other hedge funds have also adjusted their positions in CM. For instance, Toronto Dominion Bank increased its holdings by 17.9% during the second quarter, now owning a total of 25,941,777 shares valued at $1,233,272,000 after adding 3,942,894 shares. Additionally, Cetera Advisors LLC initiated a new position in the bank during the first quarter, worth about $1,278,000.

Legal & General Group Plc also raised its stake in Canadian Imperial Bank of Commerce by 3.3% in the second quarter, resulting in ownership of 7,213,860 shares valued at $342,946,000 after acquiring an extra 228,130 shares. Ritholtz Wealth Management significantly boosted their holdings by 140.6% during the third quarter, now owning 14,308 shares worth $878,000 following the purchase of 8,362 additional shares. Moreover, CIBC Asset Management Inc increased its position by 3.4% in the third quarter, holding 11,352,605 shares worth $696,659,000 after buying 375,837 shares.

As a whole, institutional investors currently own approximately 49.88% of Canadian Imperial Bank of Commerce's stock.

Current Stock Performance of Canadian Imperial Bank of Commerce

On Wednesday, Canadian Imperial Bank of Commerce shares opened at $64.74. The fifty-day moving average price is $62.58, while the two-hundred-day moving average price is $55.27. The bank's stock has experienced a one-year low of $37.97 and a one-year high of $65.89. The bank's market capitalization stands at $61.15 billion, with a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 1.71, and a beta coefficient of 1.06. Furthermore, the bank maintains a debt-to-equity ratio of 0.14 and both a current and quick ratio of 1.05.

Recent Earnings and Dividend Declaration

Canadian Imperial Bank of Commerce released its latest quarterly earnings report on August 29th. The bank announced an earnings per share (EPS) of $1.93 for the quarter, surpassing analysts' predictions of $1.74 by $0.19. The bank achieved a net margin of 10.66% and a return on equity of 13.50%. The revenue reached $6.60 billion for the quarter, outpacing the consensus estimate of $6.28 billion, marking a 12.9% increase from the previous year's quarter, which recorded an EPS of $1.14.

Analysts anticipate that Canadian Imperial Bank of Commerce will report an EPS of 5.27 for the current fiscal year.

Dividend Information

The bank recently declared a quarterly dividend of $0.652 per share, which was paid on Monday, October 28th, to shareholders recorded on Friday, September 27th. This equates to an annualized dividend of $2.61, providing a yield of 4.03% with a current dividend payout ratio of 52.46%.

Analyst Ratings on Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce has been featured in numerous research reports from analysts. BMO Capital Markets raised its price target from $77.00 to $81.00 and rated the bank as “outperform”. Similarly, Desjardins upgraded the bank from a “hold” to a “moderate buy” rating. In contrast, StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” to a “sell” rating. Overall, the stock garners a consensus rating of "Hold" with an average price target of $81.00 according to MarketBeat.com.

Understanding Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is a diversified financial institution providing a wide array of financial products and services to personal, business, public sector, and institutional clients, both within Canada and internationally. Its operations encompass Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, as well as its U.S. operations.

Healthcare, Investment, Bank