6,708,822 Shares in Canadian Imperial Bank of Commerce (NYSE:CM) Purchased by Capital International Investors

Capital International Investors purchased a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,708,822 shares of the bank's stock, valued at approximately $424,386,000. Capital International Investors owned approximately 0.71% of Canadian Imperial Bank of Commerce as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in Canadian Imperial Bank of Commerce by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock worth $359,320,000 after acquiring an additional 334,545 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Canadian Imperial Bank of Commerce by 12.6% in the fourth quarter. Rhumbline Advisers now owns 3,622 shares of the bank's stock valued at $229,000 after acquiring an additional 404 shares in the last quarter. American Century Companies Inc. grew its holdings in Canadian Imperial Bank of Commerce by 8.5% during the 4th quarter. American Century Companies Inc. now owns 299,211 shares of the bank's stock worth $18,927,000 after acquiring an additional 23,403 shares in the last quarter. Smith Group Asset Management LLC bought a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth about $4,875,000. Finally, Mission Wealth Management LP bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $322,000. Institutional investors own 49.88% of the company's stock.

Analyst Upgrades and Downgrades

CM has been the topic of a number of recent research reports. Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday. StockNews.com downgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Tuesday. Finally, Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and increased their price target for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of "Hold" and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.1 %

Canadian Imperial Bank of Commerce stock traded up $0.07 during midday trading on Thursday, reaching $60.26. The company's stock had a trading volume of 203,546 shares, compared to its average volume of 1,151,414. Canadian Imperial Bank of Commerce has a 52-week low of $46.50 and a 52-week high of $67.45. The stock has a market capitalization of $56.66 billion, a P/E ratio of 11.27, a PEG ratio of 1.62 and a beta of 0.98. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock's 50-day simple moving average is $58.00 and its 200-day simple moving average is $61.53.

Canadian Imperial Bank of Commerce Cuts Dividend

The business 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 dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a yield of 4.46%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 48.03%.

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.