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

The Healthcare of Ontario Pension Plan Trust Fund has adjusted its investment in the Canadian Imperial Bank of Commerce (NYSE: CM) by reducing its position by 14.4% during the third quarter. This information was revealed in the latest filing with the Securities and Exchange Commission. After selling 1,339,228 shares, the fund now holds 7,990,237 shares of the bank's stock. The Canadian Imperial Bank of Commerce now represents approximately 1.2% of the trust fund's total investment portfolio, making it the 13th largest holding.

At the conclusion of the latest reporting period, the Healthcare of Ontario Pension Plan Trust Fund's stake, which measures 0.85% of the bank, is valued at around $490,107,000.

Other Institutional Activity

Several other hedge funds have also adjusted their positions in Canadian Imperial Bank of Commerce. Among them, Toronto Dominion Bank increased its holdings by 17.9% in the second quarter, reaching a total of 25,941,777 shares worth approximately $1,233,272,000 after acquiring an extra 3,942,894 shares. Similarly, Cetera Advisors LLC established a new position in the first quarter estimated at about $1,278,000. Furthermore, Legal & General Group Plc raised its stake by 3.3% in the second quarter, and now controls 7,213,860 shares valued at $342,946,000 following an addition of 228,130 shares.

In the third quarter, Ritholtz Wealth Management significantly increased its holdings by 140.6%, ending up with 14,308 shares, worth $878,000, after an acquisition of 8,362 shares. CIBC Asset Management Inc also boosted its position by 3.4%, owning 11,352,605 shares valued at $696,659,000 after its own purchase of 375,837 shares. Overall, institutional investors hold approximately 49.88% of Canadian Imperial Bank of Commerce's stock.

Current Stock Performance

As of today, Canadian Imperial Bank of Commerce shares opened at $64.74. The stock has a fifty-day moving average price of $62.58 and a 200-day moving average price of $55.27. Over the past year, the bank's stock has fluctuated between a low of $37.97 and a high of $65.89. The company's market capitalization is $61.15 billion, with a price-to-earnings ratio of 12.72. It has a price-to-earnings-growth ratio of 1.71 and a beta of 1.06. The bank maintains a debt-to-equity ratio of 0.14, alongside both a current ratio and a quick ratio of 1.05.

Dividend Declaration

In recent news, the Canadian Imperial Bank of Commerce declared a quarterly dividend, which was distributed on October 28th. Shareholders registered by September 27th received a dividend payment of $0.652 per share. This translates to an annualized dividend of $2.61, yielding approximately 4.03%. The bank's current dividend payout ratio stands at 52.46%.

Analyst Ratings

There have been several changes in analyst ratings regarding the bank. BMO Capital Markets recently increased their price target for Canadian Imperial Bank of Commerce from $77.00 to $81.00 and assigned an “outperform” rating in a report on August 30th. Desjardins and Cormark have also upgraded their ratings from “hold” to “moderate buy.” On the other hand, StockNews.com downgraded the bank's rating from “hold” to “sell” on October 19th. Currently, there are two analysts with a sell rating, one with a hold rating, and six financial analysts who rate the stock as a buy. The consensus rating for the stock remains “Hold” with an average target price of $81.00.

About the Bank

Canadian Imperial Bank of Commerce (CIBC) is a diversified financial institution serving a broad range of personal, business, and institutional clients in Canada, the U.S., and internationally. They offer a variety of financial products and services, including banking and wealth management options.

Healthcare, Investment, Stocks