Sandy Spring Bank Buys Shares of 500 Canadian Imperial Bank of Commerce (NYSE:CM)

Sandy Spring Bank bought a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm bought 500 shares of the bank’s stock, valued at approximately $32,000.

Several other hedge funds have also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank’s stock valued at $679,613,000 after buying an additional 115,884 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Canadian Imperial Bank of Commerce by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after purchasing an additional 334,545 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank’s stock valued at $262,598,000 after purchasing an additional 336,854 shares during the last quarter. Public Sector Pension Investment Board grew its holdings in shares of Canadian Imperial Bank of Commerce by 32.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock valued at $228,043,000 after purchasing an additional 900,575 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Canadian Imperial Bank of Commerce by 23.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank’s stock valued at $195,561,000 after purchasing an additional 601,234 shares during the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Up 0.2 %

NYSE:CM opened at $56.77 on Friday. The firm’s 50 day simple moving average is $60.51 and its 200 day simple moving average is $62.13. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a one year low of $46.50 and a one year high of $67.45. The company has a market cap of $53.36 billion, a PE ratio of 10.61, a P/E/G ratio of 1.62 and a beta of 1.07.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be given a dividend of $0.6723 per share. 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 dividend payout ratio is presently 48.03%.

Analysts Set New Price Targets

CM has been the topic of several research reports. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. Royal Bank of Canada raised shares of 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 report on Wednesday, January 8th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average 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.