77,100 Shares in Canadian Imperial Bank of Commerce (NYSE:CM) Bought by Smith Group Asset Management LLC

Smith Group Asset Management LLC purchased a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 77,100 shares of the bank’s stock, valued at approximately $4,875,000.

A number of other large investors have also modified their holdings of CM. BNP Paribas Financial Markets acquired a new position in Canadian Imperial Bank of Commerce during the 3rd quarter worth $44,000. Blue Trust Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after purchasing an additional 623 shares during the period. Versant Capital Management Inc grew its position in Canadian Imperial Bank of Commerce by 1,069.4% in the 4th quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock valued at $46,000 after buying an additional 663 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its position in Canadian Imperial Bank of Commerce by 23.1% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after buying an additional 171 shares in the last quarter. Finally, City State Bank acquired a new position in Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $61,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM opened at $64.47 on Wednesday. The stock’s fifty day simple moving average is $64.14 and its 200 day simple moving average is $60.18. The stock has a market capitalization of $60.76 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.68 and a beta of 1.06. 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 $43.86 and a 52-week high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th were issued a dividend of $0.6912 per share. This represents a $2.76 annualized dividend and a yield of 4.29%. The ex-dividend date was Friday, December 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s payout ratio is presently 51.22%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CM. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Thursday, January 23rd. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company 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.