Geode Capital Management LLC Acquires 1,327,967 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Geode Capital Management LLC raised its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 31.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,573,202 shares of the bank's stock after purchasing an additional 1,327,967 shares during the quarter. Geode Capital Management LLC owned 0.59% of Canadian Imperial Bank of Commerce worth $357,480,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. PDS Planning Inc increased its stake in shares of Canadian Imperial Bank of Commerce by 3.8% during the 4th quarter. PDS Planning Inc now owns 5,167 shares of the bank's stock worth $327,000 after purchasing an additional 189 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Canadian Imperial Bank of Commerce by 4.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock valued at $255,000 after purchasing an additional 194 shares in the last quarter. Mesirow Financial Investment Management Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 0.7% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 33,094 shares of the bank's stock worth $2,092,000 after purchasing an additional 222 shares in the last quarter. MML Investors Services LLC increased its position in shares of Canadian Imperial Bank of Commerce by 0.5% during the 3rd quarter. MML Investors Services LLC now owns 44,008 shares of the bank's stock valued at $2,699,000 after purchasing an additional 237 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of Canadian Imperial Bank of Commerce by 27.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 1,161 shares of the bank's stock valued at $73,000 after buying an additional 250 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

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Canadian Imperial Bank of Commerce Stock Down 2.3 %

Shares of Canadian Imperial Bank of Commerce stock traded down $1.31 during midday trading on Thursday, hitting $55.90. The company had a trading volume of 465,046 shares, compared to its average volume of 1,140,575. The company has a 50 day moving average of $58.62 and a 200 day moving average of $61.71. The stock has a market capitalization of $52.55 billion, a P/E ratio of 10.47, 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 company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce Cuts Dividend

The company 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 $0.6723 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 annualized dividend and a yield of 4.81%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 48.03%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Friday, April 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $92.00.

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.