Mackenzie Financial Corp Acquires 1,990,520 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Mackenzie Financial Corp grew its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 41.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,835,795 shares of the bank's stock after purchasing an additional 1,990,520 shares during the quarter. Mackenzie Financial Corp owned approximately 0.73% of Canadian Imperial Bank of Commerce worth $431,952,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Canadian Imperial Bank of Commerce by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank's stock valued at $2,491,431,000 after purchasing an additional 749,843 shares during the last quarter. TD Asset Management Inc. raised 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 valued at $1,492,138,000 after purchasing an additional 851,164 shares during the last quarter. Toronto Dominion Bank raised its stake in Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock valued at $1,398,619,000 after purchasing an additional 234,088 shares during the last quarter. FIL Ltd increased its stake in shares of Canadian Imperial Bank of Commerce by 53.6% during the 4th quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock valued at $783,613,000 after acquiring an additional 4,321,451 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Canadian Imperial Bank of Commerce by 1.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank's stock valued at $679,613,000 after acquiring an additional 115,884 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Down 0.3%

NYSE:CM traded down $0.18 during mid-day trading on Thursday, hitting $67.74. The company had a trading volume of 733,277 shares, compared to its average volume of 1,089,788. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.99 and a fifty-two week high of $69.88. The business's fifty day moving average is $61.17 and its two-hundred day moving average is $61.95. 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 firm has a market cap of $63.68 billion, a P/E ratio of 12.66, a P/E/G ratio of 1.62 and a beta of 1.06.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 28th. Investors of record on Friday, March 28th were issued a dividend of $0.6723 per share. The ex-dividend date was Friday, March 28th. This represents a $2.69 annualized dividend and a yield of 3.97%. Canadian Imperial Bank of Commerce's payout ratio is currently 48.03%.

Analysts Set New Price Targets

CM has been the subject of a number of research reports. Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, May 24th. Finally, Jefferies Financial Group lowered Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target 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.