Voya Investment Management LLC Grows Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Voya Investment Management LLC grew its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 23.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 70,806 shares of the bank's stock after purchasing an additional 13,575 shares during the quarter. Voya Investment Management LLC's holdings in Canadian Imperial Bank of Commerce were worth $4,477,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Crews Bank & Trust acquired a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth about $25,000. Operose Advisors LLC bought a new stake in Canadian Imperial Bank of Commerce in the fourth quarter worth approximately $26,000. SBI Securities Co. Ltd. bought a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $30,000. Sandy Spring Bank acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $32,000. Finally, IFP Advisors Inc lifted its position in shares of Canadian Imperial Bank of Commerce by 318.1% during the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank's stock valued at $34,000 after acquiring an additional 404 shares during the period. Institutional investors and hedge funds own 49.88% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have 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 note on Monday, April 21st. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. Finally, StockNews.com downgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.4 %

Canadian Imperial Bank of Commerce stock traded up $0.26 during trading on Wednesday, hitting $63.93. 41,538 shares of the company were exchanged, compared to its average volume of 1,124,637. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $60.10 billion, a P/E ratio of 11.94, a PEG ratio of 1.62 and a beta of 1.06. The business's 50 day moving average is $58.25 and its 200 day moving average is $61.63. Canadian Imperial Bank of Commerce has a 52 week low of $46.99 and a 52 week high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, March 28th were paid a $0.6723 dividend. The ex-dividend date was Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.21%. Canadian Imperial Bank of Commerce's payout ratio is presently 48.03%.

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.