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 holdings in Canadian Imperial Bank of Commerce (NYSE:CM) by 14.4% in the third quarter, based on its latest filing with the Securities and Exchange Commission. After selling 1,339,228 shares during the quarter, the fund now owns 7,990,237 shares of the bank. This holding represents approximately 1.2% of the Healthcare of Ontario Pension Plan Trust Fund's investment portfolio, making it the fund's 13th largest position. Valued at approximately $490,107,000, this equates to 0.85% ownership of Canadian Imperial Bank of Commerce at the latest reporting period.

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Other hedge funds have also adjusted their positions in Canadian Imperial Bank of Commerce. Notably, Toronto Dominion Bank increased its stake by 17.9% in the second quarter, bringing its total to 25,941,777 shares worth $1,233,272,000 after acquiring an additional 3,942,894 shares. Similarly, Cetera Advisors LLC established a new position worth around $1,278,000 in the first quarter. Legal & General Group Plc improved its holdings by 3.3% in the second quarter, now owning 7,213,860 shares valued at $342,946,000 after an additional purchase of 228,130 shares.

Ritholtz Wealth Management significantly increased its stake by 140.6% in the third quarter and now holds 14,308 shares valued at $878,000 following the purchase of 8,362 additional shares. Lastly, CIBC Asset Management Inc boosted its position by 3.4% during the same quarter, owning 11,352,605 shares now worth $696,659,000 after buying an additional 375,837 shares. Overall, institutional investors hold 49.88% of the bank's stock.

Stock Performance of Canadian Imperial Bank of Commerce

As for market performance, shares of Canadian Imperial Bank of Commerce opened at $64.74 on Wednesday. The bank's 50-day moving average price is $62.58, while the 200-day moving average price stands at $55.27. The stock has traded as low as $37.97 in the past year, with a high of $65.89. The company boasts a market capitalization of $61.15 billion and a price-to-earnings ratio of 12.72. Its price-to-earnings-growth ratio is 1.71, with a beta of 1.06. Furthermore, the debt-to-equity ratio is very low at 0.14, with a current ratio and quick ratio both at 1.05.

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Canadian Imperial Bank of Commerce reported its quarterly earnings on August 29th, where it posted earnings of $1.93 per share, exceeding the consensus forecast of $1.74. The bank achieved a net margin of 10.66%, with a return on equity of 13.50%. Total revenue for the quarter amounted to $6.60 billion, above the consensus of $6.28 billion, and represents a year-over-year growth of 12.9%. Analysts anticipate that the bank will report an earnings per share of 5.27 for the current fiscal year.

Recent Dividend Declaration by Canadian Imperial Bank of Commerce

Recently, the bank declared its quarterly dividend, which was distributed on October 28th. Shareholders recorded on September 27th received a dividend of $0.652 per share. The annualized dividend equates to $2.61, resulting in a yield of 4.03%. Currently, the dividend payout ratio stands at 52.46%.

Analyst Ratings for Canadian Imperial Bank of Commerce

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Canadian Imperial Bank of Commerce has attracted attention from analysts, with BMO Capital Markets raising its price target for the stock from $77.00 to $81.00, giving it an "outperform" rating. Desjardins upgraded the bank from a "hold" to a "moderate buy" rating on August 2nd. Also, Cormark raised its rating from "hold" to "moderate buy" on August 30th. However, StockNews.com downgraded the rating from "hold" to "sell" on October 19th. Currently, two analysts have rated the stock as a sell, one as hold, and six have assigned a buy rating. The consensus among analysts is currently a "Hold" rating with an average target price of $81.00.

Latest Information on Canadian Imperial Bank of Commerce

Overview of 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 individual, business, public sector, and institutional clients both domestically and internationally. The bank operates through several divisions including Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S. operations, and more.

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This report was generated using advanced narrative technology and financial data to provide precise and timely updates. The information has been vetted for accuracy prior to release.

Investment Considerations for Canadian Imperial Bank of Commerce

Before making any investment in Canadian Imperial Bank of Commerce, investors should consider various factors. Currently, the stock holds a "Moderate Buy" rating, but analysts have identified other stocks that may present better investment opportunities.

Investors are encouraged to remain informed and conduct thorough analysis before taking any decisions.

Healthcare, Investment, Banking