Capital Group Investment Management PTE. LTD. Purchases New Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Capital Group Investment Management PTE. LTD. acquired a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 23,360 shares of the bank's stock, valued at approximately $1,477,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CM. BNP Paribas Financial Markets bought a new stake in Canadian Imperial Bank of Commerce during the third quarter worth $44,000. State Street Corp purchased a new position in Canadian Imperial Bank of Commerce during the 3rd quarter worth $227,000. Franklin Resources Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 4.4% in the 3rd quarter. Franklin Resources Inc. now owns 880,838 shares of the bank's stock worth $54,606,000 after acquiring an additional 37,419 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Canadian Imperial Bank of Commerce by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock worth $359,320,000 after acquiring an additional 334,545 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in shares of Canadian Imperial Bank of Commerce by 1,069.4% in the fourth quarter. Versant Capital Management Inc now owns 725 shares of the bank's stock valued at $46,000 after purchasing an additional 663 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $58.94 on Friday. 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 firm has a market cap of $55.41 billion, a price-to-earnings ratio of 11.02, a P/E/G 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 firm's 50-day simple moving average is $58.19 and its two-hundred day simple moving average is $61.56.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be issued a $0.6723 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.56%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 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.

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