Allspring Global Investments Holdings LLC Grows Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Allspring Global Investments Holdings LLC lifted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 195.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 227,989 shares of the bank's stock after purchasing an additional 150,789 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Canadian Imperial Bank of Commerce were worth $14,404,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. CIBC Asset Management Inc lifted its stake in shares of 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 buying an additional 375,837 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in Canadian Imperial Bank of Commerce by 14.0% in 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 acquiring an additional 1,305,665 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Canadian Imperial Bank of Commerce by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock worth $359,320,000 after acquiring an additional 334,545 shares during the period. Geode Capital Management LLC grew its stake 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 purchasing an additional 336,854 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its holdings in shares of Canadian Imperial Bank of Commerce by 32.0% in the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank's stock valued at $228,043,000 after purchasing an additional 900,575 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

CM traded down $0.81 on Friday, reaching $60.81. The stock had a trading volume of 691,526 shares, compared to its average volume of 999,530. The business's 50-day moving average price is $62.92 and its two-hundred day moving average price is $61.49. The company has a market cap of $57.31 billion, a P/E ratio of 11.37, a price-to-earnings-growth ratio of 1.63 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 12-month low of $46.11 and a 12-month high of $67.45. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th were issued a $0.6912 dividend. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.65. This represents a $2.76 annualized dividend and a yield of 4.55%. The ex-dividend date was Friday, December 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 51.21%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CM shares. StockNews.com upgraded shares of 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 raised Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus 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.