APG Asset Management N.V. Acquires Shares of 515,400 Canadian Imperial Bank of Commerce (NYSE:CM)

APG Asset Management N.V. purchased a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 515,400 shares of the bank's stock, valued at approximately $31,469,000. APG Asset Management N.V. owned approximately 0.05% of Canadian Imperial Bank of Commerce at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank's stock worth $2,491,431,000 after purchasing an additional 749,843 shares during the period. TD Asset Management Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 3.7% during the 4th quarter. TD Asset Management Inc. now owns 23,600,495 shares of the bank's stock worth $1,492,138,000 after purchasing an additional 851,164 shares in the last quarter. FIL Ltd boosted its holdings in Canadian Imperial Bank of Commerce by 53.6% in the fourth quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock worth $783,613,000 after purchasing an additional 4,321,451 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Canadian Imperial Bank of Commerce by 1.1% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank's stock valued at $679,613,000 after purchasing an additional 115,884 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $570,477,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

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Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded up $0.60 during midday trading on Monday, reaching $57.70. The company's stock had a trading volume of 154,611 shares, compared to its average volume of 1,146,532. The firm has a 50 day moving average price of $58.45 and a 200-day moving average price of $61.64. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 12-month low of $46.50 and a 12-month high of $67.45. The stock has a market capitalization of $54.24 billion, a P/E ratio of 10.79, a PEG ratio of 1.62 and a beta of 0.98.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be issued a $0.6723 dividend. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.66%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's payout ratio is 48.03%.

Wall Street Analysts Forecast Growth

CM has been the topic of several research analyst reports. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Friday, April 4th. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and boosted their price target for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average 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.