Raymond James Financial Inc. Takes Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Raymond James Financial Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 395,338 shares of the bank's stock, valued at approximately $24,997,000.

Other large investors also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Canadian Imperial Bank of Commerce by 14.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank's stock worth $652,676,000 after purchasing an additional 1,305,665 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Canadian Imperial Bank of Commerce by 6.1% in 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 boosted its stake in shares of Canadian Imperial Bank of Commerce by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank's stock worth $262,598,000 after buying an additional 336,854 shares during the last quarter. Public Sector Pension Investment Board grew its holdings in shares of 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 acquiring an additional 900,575 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Canadian Imperial Bank of Commerce by 23.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank's stock valued at $195,561,000 after purchasing an additional 601,234 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Remove Ads

Analysts Set New Price Targets

CM has been the topic of a number of research analyst reports. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and boosted their target price for the company from $97.00 to $103.00 in a research note 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of "Hold" and an average target price of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM traded up $0.02 during midday trading on Wednesday, hitting $56.78. 534,260 shares of the company traded hands, compared to its average volume of 984,690. The stock has a 50-day moving average of $60.87 and a 200-day moving average of $62.19. The firm has a market cap of $53.38 billion, a P/E ratio of 10.61, a PEG ratio of 1.62 and a beta of 1.07. Canadian Imperial Bank of Commerce has a one year low of $46.50 and a one year high of $67.45. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be given a dividend of $0.6723 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.74%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 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.