Maryland State Retirement & Pension System Increases Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Maryland State Retirement & Pension System grew its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 114,137 shares of the bank’s stock after purchasing an additional 4,091 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Canadian Imperial Bank of Commerce were worth $7,217,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Natixis Advisors LLC increased its holdings in Canadian Imperial Bank of Commerce by 8.9% during the third quarter. Natixis Advisors LLC now owns 46,892 shares of the bank’s stock valued at $2,876,000 after buying an additional 3,836 shares during the last quarter. Prospera Private Wealth LLC grew its position in shares of Canadian Imperial Bank of Commerce by 3.2% during the 3rd quarter. Prospera Private Wealth LLC now owns 10,486 shares of the bank’s stock valued at $643,000 after acquiring an additional 330 shares during the period. PCJ Investment Counsel Ltd. increased its stake in shares of Canadian Imperial Bank of Commerce by 38.8% in the 3rd quarter. PCJ Investment Counsel Ltd. now owns 50,490 shares of the bank’s stock worth $3,097,000 after purchasing an additional 14,120 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Canadian Imperial Bank of Commerce by 14.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after purchasing an additional 1,305,665 shares during the period. Finally, Ontario Teachers Pension Plan Board lifted its position in Canadian Imperial Bank of Commerce by 55.8% during the third quarter. Ontario Teachers Pension Plan Board now owns 18,601 shares of the bank’s stock valued at $1,141,000 after purchasing an additional 6,665 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

CM has been the topic of several recent research reports. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock 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 note on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $56.76 on Wednesday. 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. The stock’s 50-day simple moving average is $60.87 and its 200-day simple moving average is $62.19. The company has a market capitalization of $53.36 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 1.62 and a beta of 1.07.

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 yield of 4.74%. Canadian Imperial Bank of Commerce’s payout ratio 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.