Capital International Ltd. CA Acquires New Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Capital International Ltd. CA purchased a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 89,525 shares of the bank's stock, valued at approximately $5,663,000.

A number of other large investors also recently modified their holdings of CM. BNP Paribas Financial Markets acquired a new position in Canadian Imperial Bank of Commerce in the 3rd quarter valued at approximately $44,000. State Street Corp acquired a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at $227,000. Franklin Resources Inc. raised its position in Canadian Imperial Bank of Commerce by 4.4% during the 3rd quarter. Franklin Resources Inc. now owns 880,838 shares of the bank's stock worth $54,606,000 after purchasing an additional 37,419 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Canadian Imperial Bank of Commerce by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock worth $359,320,000 after buying an additional 334,545 shares during the period. Finally, Versant Capital Management Inc grew its position in shares of Canadian Imperial Bank of Commerce by 1,069.4% in the 4th quarter. Versant Capital Management Inc now owns 725 shares of the bank's stock valued at $46,000 after buying an additional 663 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Canadian Imperial Bank of Commerce Stock Up 0.7 %

CM stock traded up $0.39 during trading on Wednesday, reaching $60.19. 371,133 shares of the stock were exchanged, compared to its average volume of 1,138,671. The firm's 50 day moving average is $58.03 and its 200 day moving average is $61.54. The firm has a market cap of $56.59 billion, a P/E ratio of 11.25, a price-to-earnings-growth 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 has a twelve month low of $46.50 and a twelve month high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be issued a $0.6723 dividend. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.47%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 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.