Canadian Imperial Bank of Commerce (NYSE:CM) Shares Acquired by Bridgewater Associates LP

Bridgewater Associates LP increased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 100.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,644 shares of the bank's stock after purchasing an additional 9,860 shares during the period. Bridgewater Associates LP's holdings in Canadian Imperial Bank of Commerce were worth $1,242,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of CM. Norges Bank acquired a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $570,477,000. FIL Ltd grew its stake in Canadian Imperial Bank of Commerce by 53.6% in 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 period. JPMorgan Chase & Co. grew its stake in Canadian Imperial Bank of Commerce by 37.3% in the 4th 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 during the period. Geode Capital Management LLC grew its stake 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 worth $357,480,000 after acquiring an additional 1,327,967 shares during the period. Finally, TD Asset Management Inc. grew its stake in 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 acquiring an additional 851,164 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have commented on the stock. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Tuesday. Finally, Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, Canadian Imperial Bank of Commerce has an average rating of "Hold" and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock traded up $0.07 during mid-day trading on Thursday, hitting $60.26. 162,532 shares of the stock traded hands, compared to its average volume of 1,137,315. Canadian Imperial Bank of Commerce has a twelve month low of $46.50 and a twelve month high of $67.45. The firm has a market cap of $56.65 billion, a price-to-earnings ratio of 11.26, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98. The company's 50-day simple moving average is $58.00 and its 200-day simple moving average is $61.53. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be given a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a dividend yield of 4.46%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 48.03%.

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.