Canada Pension Plan Investment Board Has $310.97 Million Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Canada Pension Plan Investment Board raised its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 13.9% in the 4th quarter, Holdings Channel reports. The firm owned 4,922,284 shares of the bank’s stock after purchasing an additional 600,400 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Canadian Imperial Bank of Commerce were worth $310,972,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Crews Bank & Trust bought a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth $25,000. Operose Advisors LLC acquired a new stake in Canadian Imperial Bank of Commerce during the 4th quarter worth about $26,000. SBI Securities Co. Ltd. bought a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth about $30,000. Sandy Spring Bank bought a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth about $32,000. Finally, IFP Advisors Inc lifted its stake in shares of Canadian Imperial Bank of Commerce by 318.1% in the 4th 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. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $58.76 on Thursday. The stock has a market cap of $55.24 billion, a P/E ratio of 10.98, a P/E/G ratio of 1.62 and a beta of 0.98. The business’s fifty day moving average is $58.24 and its 200 day moving average is $61.57. 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 12-month low of $46.50 and a 12-month high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be given a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a dividend yield of 4.58%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s payout ratio is presently 48.03%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CM shares. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and an average price target of $92.00.

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.