Mediolanum International Funds Ltd Makes New $2.94 Million Investment in Canadian Imperial Bank of Commerce (NYSE:CM)

Mediolanum International Funds Ltd purchased a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 46,461 shares of the bank's stock, valued at approximately $2,935,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Squarepoint Ops LLC acquired a new position in Canadian Imperial Bank of Commerce in the 2nd quarter valued at $407,000. Creative Planning grew its stake in shares of Canadian Imperial Bank of Commerce by 16.4% during the second quarter. Creative Planning now owns 59,822 shares of the bank's stock worth $2,844,000 after buying an additional 8,426 shares during the last quarter. Sanctuary Advisors LLC bought a new position in Canadian Imperial Bank of Commerce in the second quarter valued at about $326,000. Massmutual Trust Co. FSB ADV increased its position in Canadian Imperial Bank of Commerce by 23.1% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank's stock valued at $56,000 after acquiring an additional 171 shares during the period. Finally, Park Avenue Securities LLC lifted its holdings in Canadian Imperial Bank of Commerce by 43.5% during the 3rd quarter. Park Avenue Securities LLC now owns 8,625 shares of the bank's stock worth $529,000 after buying an additional 2,615 shares during the period. Institutional investors and hedge funds own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CM shares. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Tuesday. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and increased their target price for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM traded up $0.03 during trading hours on Wednesday, reaching $61.67. The company had a trading volume of 637,834 shares, compared to its average volume of 1,149,032. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 52 week low of $43.86 and a 52 week high of $67.45. The firm has a market cap of $58.12 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.66 and a beta of 1.05. The firm's 50 day moving average price is $63.88 and its 200-day moving average price is $60.62.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th were given a dividend of $0.6912 per share. The ex-dividend date was Friday, December 27th. This represents a $2.76 annualized dividend and a dividend yield of 4.48%. 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 (DPR) is presently 51.22%.

About Canadian Imperial Bank of Commerce

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.