Healthcare of Ontario Pension Plan Trust Fund Trims Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Healthcare of Ontario Pension Plan Trust Fund trimmed its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 14.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 7,990,237 shares of the bank’s stock after selling 1,339,228 shares during the period. Canadian Imperial Bank of Commerce accounts for 1.2% of Healthcare of Ontario Pension Plan Trust Fund’s holdings, making the stock its 13th biggest holding. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Canadian Imperial Bank of Commerce were worth $490,107,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ridgewood Investments LLC acquired a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth about $29,000. BNP Paribas Financial Markets purchased a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter valued at approximately $44,000. Blue Trust Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 571.6% during the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after buying an additional 623 shares during the period. Massmutual Trust Co. FSB ADV lifted its position in shares of Canadian Imperial Bank of Commerce by 23.1% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after buying an additional 171 shares in the last quarter. Finally, City State Bank purchased a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at approximately $61,000. 49.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CM shares. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. BMO Capital Markets boosted their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Finally, Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Trading Down 1.0 %

NYSE:CM opened at $64.74 on Wednesday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock’s 50 day simple moving average is $62.58 and its 200-day simple moving average is $55.27. Canadian Imperial Bank of Commerce has a 12-month low of $37.97 and a 12-month high of $65.89. The firm has a market cap of $61.15 billion, a P/E ratio of 12.72, a PEG ratio of 1.71 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. The business had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.14 EPS. Equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.27 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were given a dividend of $0.652 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a yield of 4.03%. Canadian Imperial Bank of Commerce’s payout ratio is 52.46%.

About Canadian Imperial Bank of Commerce

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.