State Street Corp Purchases Shares of 3,664 Canadian Imperial Bank of Commerce (NYSE:CM)

State Street Corp bought a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 3,664 shares of the bank’s stock, valued at approximately $227,000.

Several other hedge funds also recently bought and sold shares of CM. Toronto Dominion Bank boosted its stake in shares of Canadian Imperial Bank of Commerce by 17.9% during the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after acquiring an additional 3,942,894 shares during the last quarter. Public Sector Pension Investment Board boosted its stake in shares of Canadian Imperial Bank of Commerce by 32.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after purchasing an additional 900,575 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Canadian Imperial Bank of Commerce by 3.3% during the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after buying an additional 228,130 shares in the last quarter. Ritholtz Wealth Management lifted its stake in shares of Canadian Imperial Bank of Commerce by 140.6% during the third quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock valued at $878,000 after buying an additional 8,362 shares during the period. Finally, CIBC Asset Management Inc boosted its position in Canadian Imperial Bank of Commerce by 3.4% during the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock worth $696,659,000 after acquiring an additional 375,837 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 0.1 %

Shares of CM opened at $62.70 on Friday. Canadian Imperial Bank of Commerce has a fifty-two week low of $43.86 and a fifty-two week high of $67.45. The company’s fifty day moving average is $64.41 and its two-hundred day moving average is $58.16. The firm has a market cap of $59.23 billion, a PE ratio of 11.72, a price-to-earnings-growth ratio of 1.78 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 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be issued a $0.6912 dividend. The ex-dividend date is Friday, December 27th. This represents a $2.76 dividend on an annualized basis and a yield of 4.41%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 53.46%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CM. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, December 6th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $97.00 target price (up from $74.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday, December 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $89.00.

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.