Smith Group Asset Management LLC Acquires Shares of 77,100 Canadian Imperial Bank of Commerce (NYSE:CM)

Smith Group Asset Management LLC acquired a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 77,100 shares of the bank's stock, valued at approximately $4,875,000.

Several other large investors have also recently bought and sold shares of the business. CIBC Asset Management Inc raised its holdings in Canadian Imperial Bank of Commerce by 3.4% during the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank's stock worth $696,659,000 after purchasing an additional 375,837 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Canadian Imperial Bank of Commerce by 14.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank's stock worth $652,676,000 after buying an additional 1,305,665 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Canadian Imperial Bank of Commerce by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock valued at $359,320,000 after acquiring an additional 334,545 shares during the last quarter. Geode Capital Management LLC increased its holdings in Canadian Imperial Bank of Commerce by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank's stock valued at $262,598,000 after acquiring an additional 336,854 shares in the last quarter. Finally, Public Sector Pension Investment Board raised its position in Canadian Imperial Bank of Commerce by 32.0% during the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank's stock worth $228,043,000 after acquiring an additional 900,575 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 research analysts recently issued reports on CM shares. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and lifted their price objective for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $92.00.

Canadian Imperial Bank of Commerce Trading Down 1.2 %

CM traded down $0.74 during midday trading on Friday, hitting $63.07. The company's stock had a trading volume of 837,242 shares, compared to its average volume of 1,008,014. Canadian Imperial Bank of Commerce has a 52-week low of $43.86 and a 52-week high of $67.45. The firm has a 50-day moving average price of $64.05 and a two-hundred day moving average price of $60.32. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market cap of $59.43 billion, a P/E ratio of 11.79, a PEG ratio of 1.70 and a beta of 1.06.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th were paid a dividend of $0.6912 per share. The ex-dividend date of this dividend was Friday, December 27th. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.65. This represents a $2.76 annualized dividend and a dividend yield of 4.38%. Canadian Imperial Bank of Commerce's payout ratio is currently 51.22%.

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.