Healthcare of Ontario Pension Plan Trust Fund Reduces Stake in Canadian Imperial Bank of Commerce

The Healthcare of Ontario Pension Plan Trust Fund has reduced its investment in Canadian Imperial Bank of Commerce (NYSE:CM) by 14.4% during the third quarter, as disclosed in a recent filing with the Securities and Exchange Commission. After selling 1,339,228 shares, the fund now holds 7,990,237 shares of the bank. This reduction means that approximately 1.2% of the Healthcare of Ontario Pension Plan Trust Fund's total investment portfolio is now comprised of Canadian Imperial Bank of Commerce stock, which represents its 13th largest position. As of the end of the recent reporting period, the fund's stake in the bank is valued at approximately $490,107,000, accounting for 0.85% of the bank's total shares.

Other Institutional Changes in CM Holdings

Several other hedge funds have also made adjustments to their holdings in Canadian Imperial Bank of Commerce. For instance, Toronto Dominion Bank increased its stake by 17.9% in the second quarter, acquiring an additional 3,942,894 shares. This expansion brought Toronto Dominion's total ownership to 25,941,777 shares, valued at $1,233,272,000. Similarly, Cetera Advisors LLC acquired a new position in the bank during the first quarter, investing approximately $1,278,000. Legal & General Group Plc also made a minor adjustment by increasing its holding by 3.3% in the second quarter, purchasing an extra 228,130 shares to reach a total of 7,213,860 shares valued at $342,946,000. Ritholtz Wealth Management significantly boosted its position by 140.6% in the third quarter, now owning 14,308 shares worth about $878,000. Lastly, CIBC Asset Management Inc. increased their stake by 3.4%, owning a total of 11,352,605 shares valued at $696,659,000 after acquiring 375,837 shares. Overall, institutional investors control 49.88% of the bank's stock.

Current Stock Performance

As of the latest market data, shares of Canadian Imperial Bank of Commerce were priced at $64.74. The stock's fifty-day moving average stands at $62.58, while the 200-day average is $55.27. Over the past year, the stock has experienced a low of $37.97 and a high of $65.89. The bank boasts a market capitalization of $61.15 billion, a price-to-earnings ratio of 12.72, and a price-to-earnings-growth ratio of 1.71, accompanied by a beta of 1.06. Its debt-to-equity ratio is reported at 0.14, with both current and quick ratios at 1.05.

Recent Earnings and Dividend Updates

Canadian Imperial Bank of Commerce recently announced its quarterly earnings on August 29th, reporting an earnings per share (EPS) of $1.93 for the quarter, surpassing the consensus estimate of $1.74 by $0.19. The bank achieved a net margin of 10.66% and a return on equity of 13.50%, with quarterly revenues amounting to $6.60 billion, exceeding the expected $6.28 billion. This represents a notable 12.9% increase in revenue compared to the same quarter last year, with the previous year's EPS recorded at $1.14. Analysts predict that the company will post an EPS of 5.27 for the current fiscal year.

Dividend Declaration

The Canadian Imperial Bank of Commerce has declared a quarterly dividend of $0.652 per share, which was paid on October 28th to shareholders recorded as of September 27th. This dividend sets an annualized amount of $2.61 and a yield of 4.03%, with a payout ratio currently at 52.46%.

Analyst Ratings and Predictions

Several analysts have recently upgraded or downgraded Canadian Imperial Bank of Commerce shares. Notably, BMO Capital Markets raised their price target from $77.00 to $81.00 and gave the stock an "outperform" rating. Desjardins upgraded its rating from "hold" to "moderate buy," while Cormark echoed this upgrade in a separate note. Meanwhile, StockNews.com downgraded the bank's rating from "hold" to "sell." Currently, Canadian Imperial Bank of Commerce holds an overall consensus rating of "Hold," with an average target price of $81.00, according to MarketBeat data.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is a diversified financial institution that offers a wide range of financial products and services to personal, business, public sector, and institutional clients both in Canada and internationally. The bank operates various segments that include Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, and U.S. Operations.

Pension, Investment, Banking, Earnings