Scotia Capital Inc. Grows Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Scotia Capital Inc. lifted its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 0.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,364,540 shares of the bank's stock after purchasing an additional 23,315 shares during the quarter. Canadian Imperial Bank of Commerce comprises 1.5% of Scotia Capital Inc.'s holdings, making the stock its 19th largest position. Scotia Capital Inc. owned approximately 0.46% of Canadian Imperial Bank of Commerce worth $275,414,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Crews Bank & Trust acquired a new position in Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $25,000. SBI Securities Co. Ltd. purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $30,000. Sandy Spring Bank acquired a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth $32,000. IFP Advisors Inc raised its holdings in shares of Canadian Imperial Bank of Commerce by 318.1% during the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank's stock worth $34,000 after purchasing an additional 404 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in Canadian Imperial Bank of Commerce during the third quarter valued at $44,000. Institutional investors and hedge funds own 49.88% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CM shares. StockNews.com raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Monday. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and upped their price objective for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $92.00.

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Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock traded up $0.26 on Tuesday, hitting $58.44. The company's stock had a trading volume of 281,543 shares, compared to its average volume of 1,148,913. The company has a market capitalization of $54.94 billion, a price-to-earnings ratio of 10.92, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98. The firm has a fifty day moving average price of $58.38 and a 200-day moving average price of $61.62. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 1 year low of $46.50 and a 1 year high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a dividend yield of 4.60%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's payout ratio is 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.