Capital Group Private Client Services Inc. Takes Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Capital Group Private Client Services Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 31,135 shares of the bank's stock, valued at approximately $1,970,000.

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

Analysts Set New Price Targets

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

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded up $0.07 during midday trading on Thursday, hitting $60.26. 203,546 shares of the company's stock traded hands, compared to its average volume of 1,137,466. The firm has a fifty day moving average of $58.00 and a 200 day moving average of $61.53. Canadian Imperial Bank of Commerce has a 1 year low of $46.50 and a 1 year high of $67.45. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $56.66 billion, a price-to-earnings ratio of 11.27, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce's payout ratio is 48.03%.

Canadian Imperial Bank of Commerce 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.