CIBC Asset Management Inc Raises Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

CIBC Asset Management Inc increased its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 0.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,373,983 shares of the bank's stock after buying an additional 21,378 shares during the period. Canadian Imperial Bank of Commerce accounts for approximately 2.4% of CIBC Asset Management Inc's holdings, making the stock its 9th biggest position. CIBC Asset Management Inc owned about 1.21% of Canadian Imperial Bank of Commerce worth $717,863,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CM. Creative Planning raised its stake in Canadian Imperial Bank of Commerce by 12.8% during the 3rd quarter. Creative Planning now owns 67,492 shares of the bank's stock valued at $4,140,000 after purchasing an additional 7,670 shares during the last quarter. Bleakley Financial Group LLC raised its stake in Canadian Imperial Bank of Commerce by 7.1% during the 3rd quarter. Bleakley Financial Group LLC now owns 6,908 shares of the bank's stock valued at $424,000 after purchasing an additional 460 shares during the last quarter. Blue Trust Inc. raised its stake in Canadian Imperial Bank of Commerce by 571.6% during the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank's stock valued at $45,000 after purchasing an additional 623 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Canadian Imperial Bank of Commerce during the 3rd quarter valued at $4,741,000. Finally, Sequoia Financial Advisors LLC acquired a new position in Canadian Imperial Bank of Commerce during the 3rd quarter valued at $227,000. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock traded down $0.24 during mid-day trading on Thursday, reaching $61.62. 663,084 shares of the stock were exchanged, compared to its average volume of 1,008,866. The company has a market cap of $58.07 billion, a price-to-earnings ratio of 11.52, a price-to-earnings-growth ratio of 1.64 and a beta of 1.05. 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 firm has a 50-day simple moving average of $63.12 and a 200 day simple moving average of $61.40. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.02 and a fifty-two week high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th were issued a dividend of $0.6912 per share. The ex-dividend date was Friday, December 27th. This represents a $2.76 dividend on an annualized basis and a yield of 4.49%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 51.22%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented 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 target price for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Friday, February 14th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $92.00.

About Canadian Imperial Bank of Commerce

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.