CANADA LIFE ASSURANCE Co Has $47.10 Million Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

CANADA LIFE ASSURANCE Co increased its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 7.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 747,156 shares of the bank's stock after purchasing an additional 49,906 shares during the quarter. CANADA LIFE ASSURANCE Co owned approximately 0.08% of Canadian Imperial Bank of Commerce worth $47,095,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CM. Crews Bank & Trust bought a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $25,000. Operose Advisors LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $26,000. SBI Securities Co. Ltd. bought a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $30,000. Sandy Spring Bank bought a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $32,000. Finally, IFP Advisors Inc raised its holdings in Canadian Imperial Bank of Commerce by 318.1% in the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank's stock worth $34,000 after purchasing an additional 404 shares during the period. 49.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CM. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday. Finally, StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.1 %

Shares of NYSE CM traded up $0.09 during mid-day trading on Thursday, hitting $60.28. The company had a trading volume of 203,546 shares, compared to its average volume of 1,151,414. The firm has a 50-day simple moving average of $58.00 and a two-hundred day simple moving average of $61.53. Canadian Imperial Bank of Commerce has a one year low of $46.50 and a one year 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. The company has a market capitalization of $56.67 billion, a PE ratio of 11.27, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be paid a $0.6723 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.69 annualized dividend and a yield of 4.46%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 48.03%.

Canadian Imperial Bank of Commerce Company 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.