Norges Bank Makes New Investment in Canadian Imperial Bank of Commerce (NYSE:CM)

Norges Bank bought a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the fourth quarter, HoldingsChannel reports. The firm bought 9,029,485 shares of the bank’s stock, valued at approximately $570,477,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in Canadian Imperial Bank of Commerce by 37.3% during the fourth quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank’s stock worth $508,566,000 after acquiring an additional 2,185,262 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth approximately $62,849,000. TD Asset Management Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 3.7% in the 4th quarter. TD Asset Management Inc. now owns 23,600,495 shares of the bank’s stock worth $1,492,138,000 after buying an additional 851,164 shares during the last quarter. Vanguard Group Inc. increased its position in Canadian Imperial Bank of Commerce by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank’s stock valued at $2,491,431,000 after buying an additional 749,843 shares in the last quarter. Finally, Alberta Investment Management Corp raised its stake in Canadian Imperial Bank of Commerce by 74.4% during the fourth quarter. Alberta Investment Management Corp now owns 1,572,963 shares of the bank’s stock valued at $99,450,000 after buying an additional 671,028 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Down 2.0 %

CM stock opened at $56.16 on Friday. The stock has a market capitalization of $52.79 billion, a P/E ratio of 10.50, a P/E/G ratio of 1.62 and a beta of 1.07. 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 1-year low of $46.50 and a 1-year high of $67.45. The business has a fifty day moving average price of $60.03 and a 200-day moving average price of $62.04.

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 $0.6723 dividend. This represents a $2.69 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 48.03%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, February 14th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce 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.