Generali Asset Management SPA SGR Makes New Investment in Canadian Imperial Bank of Commerce (NYSE:CM)

Generali Asset Management SPA SGR bought a new position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 2,734 shares of the bank’s stock, valued at approximately $173,000.

A number of other institutional investors have also bought and sold shares of CM. Zurich Insurance Group Ltd FI purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at approximately $62,849,000. Public Sector Pension Investment Board increased its holdings in Canadian Imperial Bank of Commerce by 32.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock valued at $228,043,000 after purchasing an additional 900,575 shares during the last quarter. Alberta Investment Management Corp increased its holdings in Canadian Imperial Bank of Commerce by 74.4% in the 4th quarter. Alberta Investment Management Corp now owns 1,572,963 shares of the bank’s stock valued at $99,450,000 after purchasing an additional 671,028 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Canadian Imperial Bank of Commerce by 23.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank’s stock valued at $195,561,000 after purchasing an additional 601,234 shares during the last quarter. Finally, Aviso Financial Inc. increased its holdings in Canadian Imperial Bank of Commerce by 1,098.7% in the 4th quarter. Aviso Financial Inc. now owns 639,512 shares of the bank’s stock valued at $40,444,000 after purchasing an additional 586,160 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on CM shares. StockNews.com upgraded shares of 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 shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $56.77 on Friday. The company has a fifty day simple moving average of $60.51 and a two-hundred day simple moving average of $62.10. The company has a market cap of $53.36 billion, a price-to-earnings ratio of 10.61, 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.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders 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 dividend yield of 4.74%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 48.03%.

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.