Spartan Fund Management Inc. Acquires New Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Spartan Fund Management Inc. bought a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,500 shares of the bank's stock, valued at approximately $474,000. Canadian Imperial Bank of Commerce accounts for about 1.8% of Spartan Fund Management Inc.'s investment portfolio, making the stock its 20th largest holding.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CM. Crews Bank & Trust acquired a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $25,000. Operose Advisors LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at $26,000. SBI Securities Co. Ltd. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $30,000. Sandy Spring Bank acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $32,000. Finally, IFP Advisors Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 318.1% during the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank's stock worth $34,000 after acquiring an additional 404 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and upped their target price for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Tuesday. Finally, Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Trading Up 2.3 %

Shares of NYSE CM opened at $59.76 on Wednesday. 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 one year low of $46.50 and a one year high of $67.45. The business has a 50-day moving average price of $58.03 and a two-hundred day moving average price of $61.54. The firm has a market capitalization of $56.18 billion, a PE ratio of 11.17, a PEG ratio of 1.62 and a beta of 0.98.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be issued a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a dividend yield of 4.50%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio 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.

Want to see what other hedge funds are holding CM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.