Spartan Fund Management Inc. Buys Shares of 7,500 Canadian Imperial Bank of Commerce (NYSE:CM)

Spartan Fund Management Inc. 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 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,500 shares of the bank's stock, valued at approximately $474,000. Canadian Imperial Bank of Commerce comprises about 1.8% of Spartan Fund Management Inc.'s portfolio, making the stock its 20th biggest position.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Canadian Imperial Bank of Commerce by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank's stock valued at $2,491,431,000 after buying an additional 749,843 shares during the last quarter. TD Asset Management Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 3.7% in the fourth 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. FIL Ltd grew its stake in 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 purchasing an additional 4,321,451 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in 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 worth $679,613,000 after purchasing an additional 115,884 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $570,477,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Up 1.1 %

CM stock traded up $0.66 during mid-day trading on Monday, reaching $61.75. 245,571 shares of the stock traded hands, compared to its average volume of 1,136,023. The stock's fifty day moving average is $57.94 and its 200-day moving average is $61.56. The company has a market cap of $58.05 billion, a P/E ratio of 11.54, a P/E/G 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 52-week low of $46.50 and a 52-week high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be given a $0.6723 dividend. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 48.03%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CM. Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. StockNews.com cut Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Tuesday, April 22nd. Finally, Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and increased their target price for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $92.00.

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.