Capital Group Private Client Services Inc. Makes New Investment in Canadian Imperial Bank of Commerce (NYSE:CM)

Capital Group Private Client Services Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 31,135 shares of the bank's stock, valued at approximately $1,970,000.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank's stock valued at $2,491,431,000 after acquiring an additional 749,843 shares during the period. TD Asset Management Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 3.7% during the fourth quarter. TD Asset Management Inc. now owns 23,600,495 shares of the bank's stock valued at $1,492,138,000 after purchasing an additional 851,164 shares during the period. FIL Ltd grew its holdings in shares of Canadian Imperial Bank of Commerce by 53.6% in the fourth quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock worth $783,613,000 after purchasing an additional 4,321,451 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank's stock worth $679,613,000 after buying an additional 115,884 shares during the period. Finally, Norges Bank bought a new stake in Canadian Imperial Bank of Commerce during the 4th quarter valued at about $570,477,000. Institutional investors own 49.88% of the company's stock.

Analyst Ratings Changes

CM has been the topic of a number of research analyst reports. 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 stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday. Finally, StockNews.com lowered Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.6 %

Shares of CM traded up $0.38 during mid-day trading on Wednesday, hitting $60.18. The company's stock had a trading volume of 758,205 shares, compared to its average volume of 1,140,365. 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 company's 50-day moving average is $58.03 and its 200-day moving average is $61.54. Canadian Imperial Bank of Commerce has a 52-week low of $46.50 and a 52-week high of $67.45. The firm has a market capitalization of $56.58 billion, a price-to-earnings ratio of 11.25, a PEG ratio of 1.62 and a beta of 0.98.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be issued a dividend of $0.6723 per share. The ex-dividend date is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.47%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 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.