Aigen Investment Management LP Grows Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Aigen Investment Management LP boosted its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 23.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,514 shares of the bank’s stock after purchasing an additional 3,750 shares during the quarter. Aigen Investment Management LP’s holdings in Canadian Imperial Bank of Commerce were worth $1,197,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Toronto Dominion Bank grew its position in shares of Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after buying an additional 3,942,894 shares during the period. National Bank of Canada FI boosted its stake in Canadian Imperial Bank of Commerce by 26.8% during the second quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock worth $867,377,000 after acquiring an additional 3,875,280 shares in the last quarter. Cibc World Market Inc. grew its holdings in Canadian Imperial Bank of Commerce by 18.9% in the second quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock worth $938,834,000 after purchasing an additional 3,143,734 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Canadian Imperial Bank of Commerce by 61.7% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank’s stock valued at $334,321,000 after purchasing an additional 2,681,428 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Canadian Imperial Bank of Commerce by 41.3% during the first quarter. Canada Pension Plan Investment Board now owns 5,589,611 shares of the bank’s stock valued at $283,642,000 after purchasing an additional 1,634,651 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. 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. BMO Capital Markets increased their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Finally, StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM opened at $64.48 on Wednesday. Canadian Imperial Bank of Commerce has a one year low of $37.46 and a one year high of $65.09. The stock has a 50-day moving average of $61.65 and a 200 day moving average of $53.99. 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 has a market capitalization of $60.91 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 1.86 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. The firm had revenue of $6.60 billion during 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 firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.14 earnings per share. On average, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were paid a $0.652 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.04%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 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.