Norges Bank Makes New Investment in Canadian Imperial Bank of Commerce (NYSE:CM)

Norges Bank purchased a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,029,485 shares of the bank's stock, valued at approximately $570,477,000. Norges Bank owned 0.96% of Canadian Imperial Bank of Commerce at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. 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 target for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $92.00.

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Canadian Imperial Bank of Commerce Trading Up 1.0 %

Shares of Canadian Imperial Bank of Commerce stock traded up $0.59 during trading on Wednesday, reaching $57.50. 166,378 shares of the stock were exchanged, compared to its average volume of 1,138,298. 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 $54.05 billion, a price-to-earnings ratio of 10.75, 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 stock's fifty day moving average is $59.77 and its 200 day moving average is $61.99.

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. This represents a $2.69 annualized dividend and a dividend yield of 4.68%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 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.