Capital International Investors Buys Shares of 6,708,822 Canadian Imperial Bank of Commerce (NYSE:CM)

Capital International Investors acquired a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 6,708,822 shares of the bank's stock, valued at approximately $424,386,000. Capital International Investors owned 0.71% of Canadian Imperial Bank of Commerce as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Crews Bank & Trust bought a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $25,000. Operose Advisors LLC acquired a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth $26,000. SBI Securities Co. Ltd. acquired a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at $30,000. Sandy Spring Bank acquired a new stake in Canadian Imperial Bank of Commerce in the fourth quarter worth about $32,000. Finally, IFP Advisors Inc grew its position in Canadian Imperial Bank of Commerce by 318.1% in the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank's stock valued at $34,000 after buying an additional 404 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CM has been the subject of several recent analyst reports. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Monday, April 14th. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. Finally, Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM traded down $0.49 during mid-day trading on Monday, reaching $58.47. The company had a trading volume of 672,629 shares, compared to its average volume of 1,133,116. The company has a 50-day moving average price of $58.08 and a two-hundred day moving average price of $61.55. The stock has a market cap of $54.97 billion, a PE ratio of 10.93, a P/E/G ratio of 1.62 and a beta of 0.98. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 1-year low of $46.50 and a 1-year high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 48.03%.

Canadian Imperial Bank of Commerce 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.