Franklin Resources Inc. grew its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 11.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 978,161 shares of the bank's stock after buying an additional 97,323 shares during the period. Franklin Resources Inc. owned 0.10% of Canadian Imperial Bank of Commerce worth $61,797,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank's stock worth $2,491,431,000 after acquiring an additional 749,843 shares during the last quarter. TD Asset Management Inc. raised its position in Canadian Imperial Bank of Commerce by 3.7% in 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. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Canadian Imperial Bank of Commerce by 1.1% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank's stock worth $679,613,000 after purchasing an additional 115,884 shares in the last quarter. Norges Bank purchased a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth $570,477,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Canadian Imperial Bank of Commerce by 37.3% in the fourth quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank's stock valued at $508,566,000 after buying an additional 2,185,262 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on the company. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and raised their target price for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Friday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $92.00.
Get Our Latest Stock Report on Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce Stock Up 2.2 %
Canadian Imperial Bank of Commerce stock traded up $1.19 during trading on Tuesday, reaching $56.17. The stock had a trading volume of 299,710 shares, compared to its average volume of 1,128,974. 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 52-week low of $46.50 and a 52-week high of $67.45. The stock has a market cap of $52.80 billion, a PE ratio of 10.50, a P/E/G ratio of 1.62 and a beta of 0.98. The business has a 50 day moving average price of $59.26 and a 200 day moving average price of $61.87.
Canadian Imperial Bank of Commerce Cuts Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be issued 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 4.79%. Canadian Imperial Bank of Commerce's payout ratio is currently 48.03%.
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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