Raymond James Financial Inc. Invests $25 Million in Canadian Imperial Bank of Commerce (NYSE:CM)

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

Other hedge funds have also made changes to their positions in the company. BNP Paribas Financial Markets purchased a new position in Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $44,000. State Street Corp purchased a new position in Canadian Imperial Bank of Commerce during the third quarter valued at approximately $227,000. Franklin Resources Inc. increased its stake in Canadian Imperial Bank of Commerce by 4.4% in the 3rd quarter. Franklin Resources Inc. now owns 880,838 shares of the bank's stock valued at $54,606,000 after buying an additional 37,419 shares during the period. JPMorgan Chase & Co. lifted its position in 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 in the last quarter. Finally, Versant Capital Management Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 1,069.4% during the 4th quarter. Versant Capital Management Inc now owns 725 shares of the bank's stock valued at $46,000 after buying an additional 663 shares during the period. Hedge funds and other institutional investors own 49.88% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on CM. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and increased their price objective for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. Jefferies Financial Group lowered Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday. Finally, StockNews.com downgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Tuesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of "Hold" and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock traded up $0.07 during trading on Thursday, reaching $60.26. The company had a trading volume of 146,082 shares, compared to its average volume of 1,137,211. 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 market capitalization of $56.65 billion, a PE ratio of 11.27, a PEG ratio of 1.62 and a beta of 0.98. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm's 50 day simple moving average is $58.00 and its two-hundred day simple moving average is $61.53.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be issued a $0.6723 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.69 annualized dividend and a yield of 4.46%. 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.