Canadian Imperial Bank of Commerce (NYSE:CM) Shares Bought by Public Sector Pension Investment Board

Public Sector Pension Investment Board grew its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 32.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,713,539 shares of the bank’s stock after acquiring an additional 900,575 shares during the period. Canadian Imperial Bank of Commerce comprises approximately 1.2% of Public Sector Pension Investment Board’s investment portfolio, making the stock its 14th biggest position. Public Sector Pension Investment Board owned approximately 0.39% of Canadian Imperial Bank of Commerce worth $228,043,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Toronto Dominion Bank boosted its position in Canadian Imperial Bank of Commerce by 17.9% during the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after purchasing an additional 3,942,894 shares in the last quarter. Cetera Advisors LLC purchased a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at approximately $1,278,000. Legal & General Group Plc grew 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 valued at $342,946,000 after acquiring an additional 228,130 shares during the period. Ritholtz Wealth Management increased its holdings in Canadian Imperial Bank of Commerce by 140.6% in the 3rd quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock worth $878,000 after acquiring an additional 8,362 shares in the last quarter. Finally, CIBC Asset Management Inc raised its position in Canadian Imperial Bank of Commerce by 3.4% during the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock worth $696,659,000 after acquiring an additional 375,837 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CM. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. BMO Capital Markets increased their price objective on 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. Finally, Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM opened at $64.68 on Thursday. Canadian Imperial Bank of Commerce has a one year low of $37.97 and a one year high of $65.89. The stock has a market cap of $61.10 billion, a PE ratio of 12.71, a P/E/G ratio of 1.71 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a 50 day moving average price of $62.66 and a 200 day moving average price of $55.34.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results 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 return on equity of 13.50% and a net margin of 10.66%. The company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same period in the prior year, the business earned $1.14 EPS. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. Equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.27 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Profile

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.