Public Sector Pension Investment Board Sells 1,300,248 Shares of Canadian Imperial Bank of Commerce $CM

Public Sector Pension Investment Board reduced its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 18.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,805,760 shares of the bank’s stock after selling 1,300,248 shares during the period. Canadian Imperial Bank of Commerce comprises 1.7% of Public Sector Pension Investment Board’s investment portfolio, making the stock its 9th biggest position. Public Sector Pension Investment Board’s holdings in Canadian Imperial Bank of Commerce were worth $464,035,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CM. Salem Investment Counselors Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the third quarter worth $30,000. Toth Financial Advisory Corp acquired a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth $32,000. AdvisorNet Financial Inc raised its stake in shares of Canadian Imperial Bank of Commerce by 300.0% during the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock worth $32,000 after buying an additional 300 shares during the last quarter. Grey Fox Wealth Advisors LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth about $34,000. Finally, Atlantic Union Bankshares Corp acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $35,000. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM opened at $95.31 on Friday. The company has a 50-day simple moving average of $92.75 and a 200-day simple moving average of $84.31. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market cap of $88.31 billion, a PE ratio of 15.65, a price-to-earnings-growth ratio of 1.30 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $98.50.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.23 billion. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. Canadian Imperial Bank of Commerce’s revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.91 earnings per share. On average, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were given a $1.07 dividend. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Monday, December 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 50.25%.

Analyst Upgrades and Downgrades

CM has been the subject of a number of research reports. Raymond James Financial initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They set a “market perform” rating for the company. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, January 21st. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Finally, Zacks Research cut Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $107.50.

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.