Assetmark Inc. Buys 54,232 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Assetmark Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 185.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,413 shares of the bank's stock after purchasing an additional 54,232 shares during the period. Assetmark Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $5,274,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 4.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock worth $255,000 after buying an additional 194 shares in the last quarter. MML Investors Services LLC boosted its holdings in Canadian Imperial Bank of Commerce by 0.5% during the third quarter. MML Investors Services LLC now owns 44,008 shares of the bank's stock worth $2,699,000 after purchasing an additional 237 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in Canadian Imperial Bank of Commerce by 27.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 1,161 shares of the bank's stock valued at $73,000 after purchasing an additional 250 shares in the last quarter. Fifth Third Bancorp increased its stake in Canadian Imperial Bank of Commerce by 5.7% in the 4th quarter. Fifth Third Bancorp now owns 4,971 shares of the bank's stock valued at $314,000 after buying an additional 270 shares during the last quarter. Finally, Prospera Private Wealth LLC increased its stake in Canadian Imperial Bank of Commerce by 3.2% in the 3rd quarter. Prospera Private Wealth LLC now owns 10,486 shares of the bank's stock valued at $643,000 after buying an additional 330 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

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Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock traded up $0.64 on Wednesday, reaching $55.97. The stock had a trading volume of 443,824 shares, compared to its average volume of 1,105,329. Canadian Imperial Bank of Commerce has a 12 month low of $46.50 and a 12 month high of $67.45. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $52.74 billion, a price-to-earnings ratio of 10.46, a P/E/G ratio of 1.62 and a beta of 1.07. The firm's 50-day moving average is $61.54 and its two-hundred day moving average is $62.18.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be given a $0.6723 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.81%. Canadian Imperial Bank of Commerce's payout ratio is 48.03%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CM. 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 company from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Hold" and an average price target 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.