Northern Trust Corp Purchases 175,669 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Northern Trust Corp raised its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 38.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 626,852 shares of the bank's stock after purchasing an additional 175,669 shares during the quarter. Northern Trust Corp owned 0.07% of Canadian Imperial Bank of Commerce worth $39,636,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CM. Vanguard Group Inc. lifted its position in Canadian Imperial Bank of Commerce by 1.9% during 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 in the last quarter. TD Asset Management Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 3.7% during 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 buying an additional 851,164 shares in the last quarter. FIL Ltd grew 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 period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank's stock worth $679,613,000 after acquiring an additional 115,884 shares in the last quarter. Finally, Norges Bank bought a new stake in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $570,477,000. Hedge funds and other institutional investors own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. StockNews.com cut Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Wednesday, April 30th. One 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. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Down 0.3 %

Shares of CM stock opened at $63.55 on Friday. The company's fifty day simple moving average is $58.53 and its two-hundred day simple moving average is $61.66. Canadian Imperial Bank of Commerce has a 52 week low of $46.99 and a 52 week high of $67.45. The stock has a market cap of $59.75 billion, a P/E ratio of 11.88, a PEG ratio of 1.62 and a beta of 1.06. The company has a quick ratio of 1.05, a current 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 was paid on Monday, April 28th. Shareholders of record on Friday, March 28th were issued a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a yield of 4.23%. The ex-dividend date was Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 48.03%.

Canadian Imperial Bank of Commerce Company 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.

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