Korea Investment CORP Has $44 Million Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Korea Investment CORP grew its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 14.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 695,902 shares of the bank's stock after purchasing an additional 89,158 shares during the quarter. Korea Investment CORP owned approximately 0.07% of Canadian Imperial Bank of Commerce worth $43,998,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Cerity Partners LLC lifted its position in Canadian Imperial Bank of Commerce by 54.0% during the 3rd quarter. Cerity Partners LLC now owns 24,585 shares of the bank's stock worth $1,508,000 after acquiring an additional 8,620 shares during the last quarter. Algert Global LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth about $1,375,000. FMR LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 3.3% during the 3rd quarter. FMR LLC now owns 2,106,913 shares of the bank's stock worth $129,239,000 after purchasing an additional 67,480 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter valued at approximately $44,000. Finally, Bridgewater Associates LP bought a new position in Canadian Imperial Bank of Commerce in the 3rd quarter worth approximately $601,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

CM stock traded up $0.67 during midday trading on Tuesday, hitting $56.97. The stock had a trading volume of 968,574 shares, compared to its average volume of 1,142,077. 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 current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a 50-day simple moving average of $59.77 and a 200 day simple moving average of $61.99. The firm has a market capitalization of $53.56 billion, a price-to-earnings ratio of 10.65, a P/E/G ratio of 1.62 and a beta of 1.07.

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Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be paid a dividend of $0.6723 per share. This represents a $2.69 dividend on an annualized basis and a yield of 4.72%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is 48.03%.

Analyst Ratings Changes

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