Capital Group Private Client Services Inc. Acquires Shares of 31,135 Canadian Imperial Bank of Commerce (NYSE:CM)

Capital Group Private Client Services Inc. bought a new position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 31,135 shares of the bank’s stock, valued at approximately $1,970,000.

A number of other hedge funds have also made changes to their positions in CM. Norges Bank bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $570,477,000. Capital International Investors acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $424,386,000. FIL Ltd grew its position in Canadian Imperial Bank of Commerce by 53.6% during the 4th quarter. FIL Ltd now owns 12,387,607 shares of the bank’s stock worth $783,613,000 after acquiring an additional 4,321,451 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Canadian Imperial Bank of Commerce by 37.3% during the 4th quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank’s stock valued at $508,566,000 after purchasing an additional 2,185,262 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Canadian Imperial Bank of Commerce by 31.3% in the 4th quarter. Geode Capital Management LLC now owns 5,573,202 shares of the bank’s stock valued at $357,480,000 after purchasing an additional 1,327,967 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Up 0.3 %

CM stock opened at $58.94 on Friday. The business has a fifty day moving average of $58.14 and a 200-day moving average of $61.55. The company has a market cap of $55.41 billion, a P/E ratio of 11.02, a PEG ratio of 1.62 and a beta of 0.98. Canadian Imperial Bank of Commerce has a twelve month low of $46.50 and a twelve month high of $67.45. 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 firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be given a dividend of $0.6723 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.56%. Canadian Imperial Bank of Commerce’s payout ratio is presently 48.03%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CM shares. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, April 14th. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

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.