Connor Clark & Lunn Investment Management Ltd. increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 1.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,757,382 shares of the bank's stock after buying an additional 115,884 shares during the quarter. Canadian Imperial Bank of Commerce comprises 3.1% of Connor Clark & Lunn Investment Management Ltd.'s portfolio, making the stock its 3rd largest position. Connor Clark & Lunn Investment Management Ltd. owned about 1.14% of Canadian Imperial Bank of Commerce worth $679,613,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Jupiter Asset Management Ltd. acquired a new stake in Canadian Imperial Bank of Commerce during the 4th quarter valued at approximately $36,733,000. Sequoia Financial Advisors LLC grew its position in shares of Canadian Imperial Bank of Commerce by 7.5% in the 4th quarter. Sequoia Financial Advisors LLC now owns 3,977 shares of the bank's stock worth $251,000 after acquiring an additional 279 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $205,000. Mesirow Financial Investment Management Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 0.7% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 33,094 shares of the bank's stock worth $2,092,000 after acquiring an additional 222 shares in the last quarter. Finally, Andra AP fonden grew its position in shares of Canadian Imperial Bank of Commerce by 73.5% in the 4th quarter. Andra AP fonden now owns 182,700 shares of the bank's stock worth $11,552,000 after acquiring an additional 77,400 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.
Canadian Imperial Bank of Commerce Stock Up 2.2 %
CM traded up $1.23 during trading on Friday, reaching $56.28. 702,584 shares of the stock traded hands, compared to its average volume of 1,097,879. The stock has a market cap of $52.90 billion, a price-to-earnings ratio of 10.52, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.50 and a fifty-two week high of $67.45. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock's 50-day simple moving average is $61.11 and its two-hundred day simple moving average is $62.21.
Canadian Imperial Bank of Commerce Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be given a $0.6723 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.78%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 48.03%.
Analysts Set New Price Targets
Several analysts recently issued reports on CM shares. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and raised their price target for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Friday, February 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $92.00.
Read Our Latest Stock Report on Canadian Imperial Bank of Commerce
About Canadian Imperial Bank of Commerce
(
Free Report)
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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