Prudential Financial Inc. Raises Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Prudential Financial Inc. raised its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 16.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 37,295 shares of the bank's stock after purchasing an additional 5,185 shares during the quarter. Prudential Financial Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $2,358,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CM. Zurich Insurance Group Ltd FI acquired a new position in Canadian Imperial Bank of Commerce in the 3rd quarter valued at $62,849,000. Vanguard Group Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank's stock valued at $2,491,431,000 after buying an additional 749,843 shares in the last quarter. Alberta Investment Management Corp lifted its stake in shares of Canadian Imperial Bank of Commerce by 74.4% in the fourth quarter. Alberta Investment Management Corp now owns 1,572,963 shares of the bank's stock valued at $99,450,000 after purchasing an additional 671,028 shares during the period. Aviso Financial Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 1,098.7% in the 4th quarter. Aviso Financial Inc. now owns 639,512 shares of the bank's stock worth $40,444,000 after acquiring an additional 586,160 shares during the period. Finally, Jupiter Asset Management Ltd. acquired a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at $36,733,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Wall Street Analysts Forecast Growth

CM has been the topic of several recent research reports. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Friday. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and lifted their price objective for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Trading Down 0.7 %

Shares of NYSE CM traded down $0.41 during midday trading on Tuesday, reaching $54.57. 1,431,568 shares of the stock were exchanged, compared to its average volume of 1,154,124. 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 company has a market capitalization of $51.30 billion, a P/E ratio of 10.20, a P/E/G ratio of 1.62 and a beta of 0.98. The stock has a 50 day moving average price of $58.86 and a 200-day moving average price of $61.77. Canadian Imperial Bank of Commerce has a 52-week low of $46.50 and a 52-week high of $67.45.

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 issued a $0.6723 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 annualized dividend and a yield of 4.93%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 48.03%.

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.