Capital Group Investment Management PTE. LTD. Makes New Investment in Canadian Imperial Bank of Commerce (NYSE:CM)

Capital Group Investment Management PTE. LTD. bought a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 23,360 shares of the bank's stock, valued at approximately $1,477,000.

Several other hedge funds have also recently made changes to their positions in the company. Crews Bank & Trust purchased a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth $25,000. Operose Advisors LLC purchased a new stake in Canadian Imperial Bank of Commerce during the 4th quarter worth about $26,000. SBI Securities Co. Ltd. bought a new position in Canadian Imperial Bank of Commerce in the 4th quarter worth about $30,000. Sandy Spring Bank bought a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at about $32,000. Finally, IFP Advisors Inc lifted its holdings in shares of Canadian Imperial Bank of Commerce by 318.1% in the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank's stock worth $34,000 after buying an additional 404 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock traded up $0.35 on Wednesday, hitting $60.15. 328,023 shares of the company traded hands, compared to its average volume of 1,138,545. Canadian Imperial Bank of Commerce has a 12-month low of $46.50 and a 12-month high of $67.45. The firm's 50-day simple moving average is $58.03 and its 200 day simple moving average is $61.54. The company has a market cap of $56.55 billion, a P/E ratio of 11.24, a P/E/G ratio of 1.62 and a beta of 0.98. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be paid a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a yield of 4.47%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 48.03%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Tuesday. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and increased their price objective for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. Finally, Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Hold" and a consensus target price of $92.00.

About Canadian Imperial Bank of Commerce

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.