Canadian Imperial Bank of Commerce (NYSE:CM) Shares Bought by Legal & General Group Plc

Legal & General Group Plc grew its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,213,860 shares of the bank’s stock after acquiring an additional 228,130 shares during the quarter. Legal & General Group Plc owned 0.76% of Canadian Imperial Bank of Commerce worth $342,946,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Mackenzie Financial Corp lifted its stake in shares of Canadian Imperial Bank of Commerce by 4.2% during the second quarter. Mackenzie Financial Corp now owns 5,127,005 shares of the bank’s stock worth $243,813,000 after buying an additional 206,283 shares during the period. APG Asset Management N.V. raised its stake in Canadian Imperial Bank of Commerce by 238.3% in the 2nd quarter. APG Asset Management N.V. now owns 101,082 shares of the bank’s stock worth $4,484,000 after acquiring an additional 71,200 shares during the last quarter. AXA S.A. lifted its position in Canadian Imperial Bank of Commerce by 373.3% during the 2nd quarter. AXA S.A. now owns 805,845 shares of the bank’s stock worth $38,310,000 after acquiring an additional 635,592 shares during the period. Toronto Dominion Bank grew its stake in Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after purchasing an additional 3,942,894 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at about $407,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM opened at $61.21 on Friday. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $62.67. 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 company’s fifty day moving average price is $55.55 and its 200 day moving average price is $51.14. The company has a market capitalization of $57.82 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 1.86 and a beta of 1.07.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The business had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same period in the prior year, the company posted $1.14 EPS. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be issued a $0.652 dividend. This represents a $2.61 annualized dividend and a yield of 4.26%. The ex-dividend date of this dividend is Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is currently 54.32%.

Analyst Ratings Changes

A number of research firms recently commented on CM. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. UBS Group assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They set a “neutral” rating for the company. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. Finally, StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Company 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.