Jupiter Asset Management Ltd. Acquires Shares of 580,982 Canadian Imperial Bank of Commerce (NYSE:CM)

Jupiter Asset Management Ltd. purchased a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 580,982 shares of the bank's stock, valued at approximately $36,733,000. Jupiter Asset Management Ltd. owned about 0.06% of Canadian Imperial Bank of Commerce as of its most recent filing with the SEC.

Several other institutional investors have also recently modified their holdings of CM. CIBC Asset Management Inc boosted its holdings in Canadian Imperial Bank of Commerce by 3.4% in the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank's stock valued at $696,659,000 after purchasing an additional 375,837 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Canadian Imperial Bank of Commerce by 14.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank's stock worth $652,676,000 after buying an additional 1,305,665 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Canadian Imperial Bank of Commerce by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock worth $359,320,000 after acquiring an additional 334,545 shares during the period. Geode Capital Management LLC raised its position in Canadian Imperial Bank of Commerce by 8.6% during the third quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank's stock valued at $262,598,000 after acquiring an additional 336,854 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its holdings in Canadian Imperial Bank of Commerce by 32.0% in the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank's stock valued at $228,043,000 after acquiring an additional 900,575 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

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Canadian Imperial Bank of Commerce Price Performance

Shares of CM traded up $1.23 during mid-day trading on Friday, hitting $56.28. 702,584 shares of the company were exchanged, compared to its average volume of 1,097,879. The stock has a market cap of $52.90 billion, a price-to-earnings ratio of 10.52, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. Canadian Imperial Bank of Commerce has a 1-year low of $46.50 and a 1-year high of $67.45. The company has a 50 day moving average of $61.11 and a 200-day moving average of $62.21. 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. Stockholders of record on Friday, March 28th will be given a $0.6723 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 4.78%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 48.03%.

Analysts Set New Price Targets

CM has been the subject of several recent research reports. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Friday, February 14th. 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 research report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $92.00.

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.