Geode Capital Management LLC Has $262.60 Million Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Geode Capital Management LLC lifted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 8.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,245,235 shares of the bank's stock after buying an additional 336,854 shares during the quarter. Geode Capital Management LLC owned about 0.45% of Canadian Imperial Bank of Commerce worth $262,598,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CM. Toronto Dominion Bank raised its stake in shares of Canadian Imperial Bank of Commerce by 17.9% in the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank's stock worth $1,233,272,000 after acquiring an additional 3,942,894 shares during the last quarter. Public Sector Pension Investment Board raised its position in Canadian Imperial Bank of Commerce by 32.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank's stock worth $228,043,000 after purchasing an additional 900,575 shares during the last quarter. Legal & General Group Plc raised its position in Canadian Imperial Bank of Commerce by 3.3% in the 2nd quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank's stock worth $342,946,000 after purchasing an additional 228,130 shares during the last quarter. Ritholtz Wealth Management lifted its holdings in Canadian Imperial Bank of Commerce by 140.6% during the 3rd quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank's stock worth $878,000 after buying an additional 8,362 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its position in Canadian Imperial Bank of Commerce by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank's stock valued at $696,659,000 after buying an additional 375,837 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Analyst Upgrades and Downgrades

CM has been the topic of several research reports. Bank of America raised Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a research note on Friday, August 30th. BMO Capital Markets upped their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an "outperform" rating in a research report on Friday, August 30th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research 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 report on Friday, August 30th. Finally, Royal Bank of Canada reaffirmed 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 research note on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $89.00.

Canadian Imperial Bank of Commerce Trading Down 0.2 %

NYSE CM traded down $0.16 during trading on Friday, reaching $66.15. 1,333,319 shares of the stock traded hands, compared to its average volume of 1,364,435. The stock's 50-day moving average price is $63.69 and its 200 day moving average price is $56.81. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market cap of $62.48 billion, a price-to-earnings ratio of 12.36, a price-to-earnings-growth ratio of 1.78 and a beta of 1.06. Canadian Imperial Bank of Commerce has a fifty-two week low of $43.86 and a fifty-two week high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be given a $0.6912 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.18%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 53.46%.

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.