Principal Financial Group Inc. decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 20.9% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 46,600 shares of the bank's stock after selling 12,300 shares during the period. Principal Financial Group Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $2,946,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. CIBC Asset Management Inc increased its holdings in shares of Canadian Imperial Bank of Commerce by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank's stock worth $696,659,000 after acquiring an additional 375,837 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Canadian Imperial Bank of Commerce by 14.0% during the 3rd 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. lifted its position in shares of Canadian Imperial Bank of Commerce by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock worth $359,320,000 after buying an additional 334,545 shares during the last quarter. Geode Capital Management LLC raised its position in Canadian Imperial Bank of Commerce by 8.6% in the third quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank's stock valued at $262,598,000 after purchasing an additional 336,854 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its position 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 purchasing an additional 900,575 shares during the last quarter. Institutional investors own 49.88% of the company's stock.
Wall Street Analysts Forecast Growth
CM has been the subject of a number of analyst reports. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and raised their price objective for the stock 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $92.00.
Read Our Latest Stock Analysis on Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce Stock Performance
Shares of Canadian Imperial Bank of Commerce stock opened at $57.47 on Wednesday. The firm has a market capitalization of $54.15 billion, a P/E ratio of 10.74, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05. The business's fifty day simple moving average is $62.25 and its 200 day simple moving average is $62.08. 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 12 month low of $46.50 and a 12 month high of $67.45.
Canadian Imperial Bank of Commerce Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be paid a $0.6723 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 4.68%. Canadian Imperial Bank of Commerce's payout ratio is presently 47.67%.
Canadian Imperial Bank of Commerce Profile
(
Free Report)
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.
Further Reading
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