Cibc World Market Inc. Has $793.44 Million Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Cibc World Market Inc. lowered its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 35.3% in the fourth quarter, HoldingsChannel reports. The firm owned 12,548,497 shares of the bank’s stock after selling 6,849,441 shares during the period. Canadian Imperial Bank of Commerce makes up 1.7% of Cibc World Market Inc.’s portfolio, making the stock its 11th largest position. Cibc World Market Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $793,441,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Public Sector Pension Investment Board lifted its position in Canadian Imperial Bank of Commerce by 32.0% during the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after acquiring an additional 900,575 shares during the last quarter. Ritholtz Wealth Management boosted its stake in Canadian Imperial Bank of Commerce by 140.6% in the 3rd quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock valued at $878,000 after purchasing an additional 8,362 shares during the period. CIBC Asset Management Inc grew its holdings in Canadian Imperial Bank of Commerce by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after buying an additional 375,837 shares in the last quarter. Atlanta Consulting Group Advisors LLC bought a new position in Canadian Imperial Bank of Commerce during the 3rd quarter worth $671,000. Finally, FMR LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 3.3% during the third quarter. FMR LLC now owns 2,106,913 shares of the bank’s stock worth $129,239,000 after buying an additional 67,480 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on CM. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $97.00 to $103.00 in a research report 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 Thursday, January 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $63.77 on Friday. The company has a 50 day moving average of $64.13 and a 200-day moving average of $60.20. The company has a market cap of $60.10 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 1.68 and a beta of 1.06. 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 1-year low of $43.86 and a 1-year high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th were issued a dividend of $0.6912 per share. The ex-dividend date was Friday, December 27th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.34%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s payout ratio is 51.21%.

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.