Canada Pension Plan Investment Board Buys 600,400 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Canada Pension Plan Investment Board grew its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 13.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 4,922,284 shares of the bank's stock after acquiring an additional 600,400 shares during the quarter. Canada Pension Plan Investment Board owned about 0.52% of Canadian Imperial Bank of Commerce worth $310,972,000 as of its most recent SEC filing.

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

Canadian Imperial Bank of Commerce Stock Up 0.7 %

Shares of CM opened at $58.76 on Thursday. The stock has a market capitalization of $55.24 billion, a price-to-earnings ratio of 10.98, a PEG ratio of 1.62 and a beta of 0.98. Canadian Imperial Bank of Commerce has a 52 week low of $46.50 and a 52 week high of $67.45. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a fifty day moving average of $58.24 and a 200-day moving average of $61.57.

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 paid a dividend of $0.6723 per share. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.58%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's payout ratio is 48.03%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and raised their target price for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Monday. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" and an average target price of $92.00.

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.

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