6,720,968 Shares in Canadian Imperial Bank of Commerce $CM Purchased by Legal & General Group Plc

Legal & General Group Plc purchased a new position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 6,720,968 shares of the bank’s stock, valued at approximately $773,685,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of CM. Cibc World Market Inc. bought a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $1,342,850,000. Bank of Nova Scotia acquired a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $1,297,567,000. Norges Bank acquired a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $958,383,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Canadian Imperial Bank of Commerce during the second quarter worth approximately $916,774,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Canadian Imperial Bank of Commerce during the second quarter worth approximately $905,393,000. 49.88% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on CM. Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday. Zacks Research lowered Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b)” rating to a “buy (b+)” rating in a report on Friday, July 31st. Royal Bank Of Canada boosted their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Finally, Keefe, Bruyette & Woods initiated coverage on Canadian Imperial Bank of Commerce in a report on Friday. They set a “market perform” rating for the company. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $114.93 on Tuesday. Canadian Imperial Bank of Commerce has a fifty-two week low of $72.57 and a fifty-two week high of $124.86. The firm’s 50 day simple moving average is $117.15 and its 200-day simple moving average is $108.50. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $104.91 billion, a P/E ratio of 15.79, a price-to-earnings-growth ratio of 1.22 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating the consensus estimate of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The business had revenue of $5.89 billion during the quarter, compared to the consensus estimate of $5.86 billion. During the same quarter in the prior year, the firm earned $2.05 EPS. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. As a group, equities research analysts predict that Canadian Imperial Bank of Commerce will post 7.41 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

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

Canadian Imperial Bank of Commerce Company 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.