Summit Global Investments Invests $1.45 Million in Canadian Imperial Bank of Commerce (NYSE:CM)

Summit Global Investments bought a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 22,924 shares of the bank's stock, valued at approximately $1,449,000.

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

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock traded down $0.76 during trading on Thursday, hitting $57.33. The company had a trading volume of 1,367,135 shares, compared to its average volume of 1,082,987. The stock's 50-day moving average is $60.26 and its two-hundred day moving average is $62.10. The stock has a market capitalization of $53.89 billion, a price-to-earnings ratio of 10.71, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 52 week low of $46.50 and a 52 week high of $67.45.

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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 given a $0.6723 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.69%. Canadian Imperial Bank of Commerce's payout ratio is 48.03%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CM shares. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Company 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.