Capital World Investors purchased a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 7,732,616 shares of the bank's stock, valued at approximately $938,627,000. Capital World Investors owned about 0.86% of Canadian Imperial Bank of Commerce at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Hillsdale Investment Management Inc. grew its position in Canadian Imperial Bank of Commerce by 17.1% during the first quarter. Hillsdale Investment Management Inc. now owns 255,420 shares of the bank's stock valued at $30,986,000 after acquiring an additional 37,228 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 6.0% in the first quarter. PNC Financial Services Group Inc. now owns 26,677 shares of the bank's stock worth $3,246,000 after purchasing an additional 1,513 shares during the last quarter. Capital Fund Management S.A. grew its holdings in shares of Canadian Imperial Bank of Commerce by 13.0% in the first quarter. Capital Fund Management S.A. now owns 25,737 shares of the bank's stock worth $3,132,000 after purchasing an additional 2,953 shares during the last quarter. AE Wealth Management LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 8.1% in the first quarter. AE Wealth Management LLC now owns 23,919 shares of the bank's stock worth $2,911,000 after purchasing an additional 1,792 shares during the last quarter. Finally, Financial Counselors Inc. bought a new position in shares of Canadian Imperial Bank of Commerce in the first quarter worth approximately $265,000. 44.32% of the stock is currently owned by institutional investors.
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Analyst Ratings Changes
CM has been the topic of several recent analyst reports. National Bankshares raised their target price on shares of Canadian Imperial Bank of Commerce from C$83.50 to C$84.00 in a report on Friday, May 27th. BMO Capital Markets cut their target price on shares of Canadian Imperial Bank of Commerce from C$85.00 to C$83.00 in a report on Friday, May 27th. National Bank Financial cut their target price on shares of Canadian Imperial Bank of Commerce from C$84.00 to C$83.00 in a report on Tuesday, August 16th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Thursday, September 1st. Finally, Desjardins decreased their price objective on shares of Canadian Imperial Bank of Commerce from C$74.00 to C$73.00 and set a "hold" rating for the company in a report on Monday, August 29th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of "Hold" and a consensus price target of $82.58.
Canadian Imperial Bank of Commerce Price Performance
CM stock opened at $48.20 on Thursday. Canadian Imperial Bank of Commerce has a 1 year low of $45.09 and a 1 year high of $66.24. The company has a market cap of $43.61 billion, a P/E ratio of 8.77, a PEG ratio of 2.70 and a beta of 1.01. The firm has a 50-day moving average of $49.42 and a 200 day moving average of $54.40. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03.
Canadian Imperial Bank of Commerce Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Wednesday, September 28th will be paid a dividend of $0.649 per share. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.65. The ex-dividend date is Tuesday, September 27th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 5.39%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 47.81%.
About Canadian Imperial Bank of Commerce
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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 four strategic business units: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.
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