Canadian Imperial Bank of Commerce (NYSE:CM) Stake Boosted by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. raised its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 138.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 962,026 shares of the bank's stock after buying an additional 557,820 shares during the period. Canadian Imperial Bank of Commerce comprises approximately 3.1% of Hillsdale Investment Management Inc.'s holdings, making the stock its 5th largest holding. Hillsdale Investment Management Inc. owned about 0.10% of Canadian Imperial Bank of Commerce worth $60,788,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in CM. American Century Companies Inc. grew its holdings in Canadian Imperial Bank of Commerce by 8.5% during the fourth quarter. American Century Companies Inc. now owns 299,211 shares of the bank's stock valued at $18,927,000 after purchasing an additional 23,403 shares during the period. Summit Global Investments acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $1,449,000. Lee Danner & Bass Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $44,000. Sandy Spring Bank acquired a new stake in Canadian Imperial Bank of Commerce during the 4th quarter worth $32,000. Finally, Maryland State Retirement & Pension System lifted its holdings in Canadian Imperial Bank of Commerce by 3.7% during the fourth quarter. Maryland State Retirement & Pension System now owns 114,137 shares of the bank's stock worth $7,217,000 after acquiring an additional 4,091 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

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Analyst Ratings Changes

Several research firms recently commented on CM. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Friday, February 14th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Trading Up 0.2 %

Shares of Canadian Imperial Bank of Commerce stock traded up $0.12 during midday trading on Wednesday, reaching $58.12. The company had a trading volume of 7,277,324 shares, compared to its average volume of 1,081,798. The firm has a market cap of $54.63 billion, a PE ratio of 10.86, a P/E/G ratio of 1.62 and a beta of 1.07. The stock has a fifty day moving average price of $60.35 and a 200 day moving average price of $62.13. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.50 and a fifty-two week high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be given 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 4.63%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 48.03%.

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.