Avanza Fonder AB Invests $3.61 Million in Canadian Imperial Bank of Commerce (NYSE:CM)

Avanza Fonder AB bought a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 57,097 shares of the bank's stock, valued at approximately $3,610,000.

Several other large investors have also recently modified their holdings of CM. Toronto Dominion Bank increased its position in shares of Canadian Imperial Bank of Commerce by 17.9% during the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank's stock valued at $1,233,272,000 after buying an additional 3,942,894 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in Canadian Imperial Bank of Commerce by 61.7% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank's stock worth $334,321,000 after acquiring an additional 2,681,428 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted 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 purchasing an additional 1,305,665 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new position in Canadian Imperial Bank of Commerce in the 3rd quarter valued at $62,849,000. Finally, Public Sector Pension Investment Board grew its position in shares of Canadian Imperial Bank of Commerce by 32.0% during the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Down 0.2 %

Canadian Imperial Bank of Commerce stock traded down $0.11 during mid-day trading on Friday, reaching $62.61. 1,632,831 shares of the company traded hands, compared to its average volume of 862,763. 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 52-week low of $43.86 and a 52-week high of $67.45. The firm has a market capitalization of $59.00 billion, a price-to-earnings ratio of 11.70, a P/E/G ratio of 1.64 and a beta of 1.06. The firm's 50 day moving average price is $64.22 and its 200 day moving average price is $59.29.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be issued 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 of this dividend is Friday, December 27th. This represents a $2.76 dividend on an annualized basis and a yield of 4.42%. Canadian Imperial Bank of Commerce's dividend payout ratio is 51.22%.

Analyst Ratings Changes

Several research analysts recently weighed in on CM shares. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and upped their price objective for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Monday, January 6th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce has an average rating of "Hold" 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.