Franklin Resources Inc. Has $54.61 Million Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Franklin Resources Inc. grew its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 4.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 880,838 shares of the bank's stock after purchasing an additional 37,419 shares during the quarter. Franklin Resources Inc. owned approximately 0.09% of Canadian Imperial Bank of Commerce worth $54,606,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Ridgewood Investments LLC purchased a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $29,000. BNP Paribas Financial Markets purchased a new stake in Canadian Imperial Bank of Commerce during the third quarter valued at approximately $44,000. Blue Trust Inc. raised its stake in Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank's stock valued at $45,000 after buying an additional 623 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in shares of Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank's stock valued at $56,000 after buying an additional 171 shares during the last quarter. Finally, City State Bank acquired a new position in Canadian Imperial Bank of Commerce in the 3rd quarter worth approximately $61,000. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE:CM traded down $0.40 during trading on Tuesday, hitting $65.76. 637,450 shares of the company traded hands, compared to its average volume of 1,360,730. 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 $43.86 and a one year high of $67.45. The business's fifty day moving average is $63.82 and its 200-day moving average is $56.92. The stock has a market capitalization of $62.12 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 1.78 and a beta of 1.06.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be paid a $0.6912 dividend. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.65. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend is Friday, December 27th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 53.46%.

Wall Street Analysts Forecast Growth

Several analysts have commented on CM shares. Royal Bank of Canada reissued a "sector perform" rating and issued a $97.00 price objective (up from $74.00) on shares of Canadian Imperial Bank of Commerce in a report on Friday, December 6th. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 30th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a research report on Friday, August 30th. BMO Capital Markets lifted their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an "outperform" rating in a research note on Friday, August 30th. Finally, StockNews.com upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Friday, December 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $89.00.

About Canadian Imperial Bank of Commerce

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.