FIL Ltd Purchases 4,321,451 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

FIL Ltd boosted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 53.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,387,607 shares of the bank's stock after purchasing an additional 4,321,451 shares during the quarter. Canadian Imperial Bank of Commerce comprises approximately 0.7% of FIL Ltd's investment portfolio, making the stock its 29th biggest position. FIL Ltd owned about 1.31% of Canadian Imperial Bank of Commerce worth $783,613,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Crews Bank & Trust acquired a new position in Canadian Imperial Bank of Commerce in the 4th quarter valued at $25,000. SBI Securities Co. Ltd. acquired a new stake in Canadian Imperial Bank of Commerce in the 4th quarter worth about $30,000. Sandy Spring Bank bought a new stake in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $32,000. IFP Advisors Inc grew its position in shares of Canadian Imperial Bank of Commerce by 318.1% during the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank's stock worth $34,000 after purchasing an additional 404 shares in the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $44,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CM has been the subject of several recent research reports. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and boosted their price target for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com cut Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Friday, April 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and a consensus price target of $92.00.

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Canadian Imperial Bank of Commerce Price Performance

Shares of CM traded up $0.71 during midday trading on Friday, hitting $57.12. The company's stock had a trading volume of 1,105,747 shares, compared to its average volume of 1,152,792. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a one year low of $46.50 and a one year high of $67.45. The stock has a market capitalization of $53.69 billion, a price-to-earnings ratio of 10.68, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98. The company's fifty day simple moving average is $58.45 and its two-hundred day simple moving average is $61.64.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be paid a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a yield of 4.71%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's payout ratio is 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.