Alberta Investment Management Corp Boosts Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Alberta Investment Management Corp raised its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 74.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,572,963 shares of the bank's stock after purchasing an additional 671,028 shares during the period. Canadian Imperial Bank of Commerce accounts for approximately 0.7% of Alberta Investment Management Corp's investment portfolio, making the stock its 21st biggest holding. Alberta Investment Management Corp owned about 0.17% of Canadian Imperial Bank of Commerce worth $99,450,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Creative Planning raised its position in shares of Canadian Imperial Bank of Commerce by 12.8% in the 3rd quarter. Creative Planning now owns 67,492 shares of the bank's stock valued at $4,140,000 after purchasing an additional 7,670 shares during the last quarter. Bleakley Financial Group LLC increased its stake in Canadian Imperial Bank of Commerce by 7.1% during the 3rd quarter. Bleakley Financial Group LLC now owns 6,908 shares of the bank's stock valued at $424,000 after purchasing an additional 460 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank's stock worth $45,000 after buying an additional 623 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter worth $4,741,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter valued at $227,000. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM traded down $0.81 on Friday, reaching $60.81. 621,029 shares of the company's stock traded hands, compared to its average volume of 990,567. The stock has a 50 day moving average price of $63.02 and a 200-day moving average price of $61.41. The firm has a market cap of $57.31 billion, a price-to-earnings ratio of 11.37, a P/E/G ratio of 1.63 and a beta of 1.05. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.11 and a fifty-two week high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th were paid a $0.6912 dividend. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.65. The ex-dividend date was Friday, December 27th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.55%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 51.22%.

Analyst Upgrades and Downgrades

CM has been the subject of a number of research analyst reports. StockNews.com upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Friday, February 14th. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and raised their price objective for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $92.00.

Canadian Imperial Bank of Commerce 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.