Nexus Investment Management ULC Increases Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Nexus Investment Management ULC boosted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 74,142 shares of the bank’s stock after purchasing an additional 640 shares during the period. Nexus Investment Management ULC’s holdings in Canadian Imperial Bank of Commerce were worth $4,679,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CM. HB Wealth Management LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $228,000. Avanza Fonder AB purchased a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth about $3,610,000. Ritholtz Wealth Management lifted its holdings in shares of Canadian Imperial Bank of Commerce by 14.6% during the fourth quarter. Ritholtz Wealth Management now owns 16,393 shares of the bank’s stock worth $1,037,000 after purchasing an additional 2,085 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in Canadian Imperial Bank of Commerce by 4.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank’s stock valued at $255,000 after buying an additional 194 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in Canadian Imperial Bank of Commerce by 1,069.4% in the 4th quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock worth $46,000 after buying an additional 663 shares during the period. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analyst Ratings Changes

CM has been the subject of several research reports. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Monday, January 6th. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Trading Down 0.2 %

Shares of Canadian Imperial Bank of Commerce stock opened at $62.61 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 has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $59.00 billion, a P/E ratio of 11.70, a price-to-earnings-growth ratio of 1.64 and a beta of 1.06. The firm has a 50-day simple moving average of $64.22 and a two-hundred day simple moving average of $59.29.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be issued a $0.6912 dividend. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. This represents a $2.76 annualized dividend and a yield of 4.42%. The ex-dividend date is Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 51.22%.

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.