Intech Investment Management LLC Raises Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Intech Investment Management LLC raised its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 13.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 167,849 shares of the bank’s stock after purchasing an additional 19,260 shares during the period. Intech Investment Management LLC’s holdings in Canadian Imperial Bank of Commerce were worth $10,612,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Crews Bank & Trust purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $25,000. SBI Securities Co. Ltd. purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $30,000. IFP Advisors Inc raised its position in Canadian Imperial Bank of Commerce by 318.1% during the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock valued at $34,000 after purchasing an additional 404 shares during the period. BNP Paribas Financial Markets purchased a new stake in Canadian Imperial Bank of Commerce during the third quarter valued at approximately $44,000. Finally, Versant Capital Management Inc raised its position in Canadian Imperial Bank of Commerce by 1,069.4% during the fourth quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock valued at $46,000 after purchasing an additional 663 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CM. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Stock Up 1.8 %

Shares of NYSE:CM opened at $57.19 on Tuesday. Canadian Imperial Bank of Commerce has a 52-week low of $46.50 and a 52-week high of $67.45. The stock has a market cap of $53.75 billion, a P/E ratio of 10.69, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. The business’s 50 day moving average is $60.99 and its 200 day moving average is $62.20. 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 Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be paid a $0.6723 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.69 annualized dividend and a yield of 4.70%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 48.03%.

About Canadian Imperial Bank of Commerce

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.