Korea Investment CORP Has $44 Million Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Korea Investment CORP boosted its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 14.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 695,902 shares of the bank’s stock after buying an additional 89,158 shares during the period. Korea Investment CORP’s holdings in Canadian Imperial Bank of Commerce were worth $43,998,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Public Sector Pension Investment Board raised its holdings in shares of Canadian Imperial Bank of Commerce by 32.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after buying an additional 900,575 shares in the last quarter. FMR LLC raised its stake in Canadian Imperial Bank of Commerce by 3.3% during the third quarter. FMR LLC now owns 2,106,913 shares of the bank’s stock worth $129,239,000 after acquiring an additional 67,480 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Canadian Imperial Bank of Commerce by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock worth $359,320,000 after acquiring an additional 334,545 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Canadian Imperial Bank of Commerce during the third quarter valued at $10,045,000. Finally, Rhumbline Advisers boosted its stake in shares of Canadian Imperial Bank of Commerce by 12.6% in the 4th quarter. Rhumbline Advisers now owns 3,622 shares of the bank’s stock valued at $229,000 after purchasing an additional 404 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $57.33 on Friday. The stock has a 50-day simple moving average of $60.15 and a 200 day simple moving average of $62.07. The stock has a market capitalization of $53.89 billion, a price-to-earnings ratio of 10.71, a P/E/G ratio of 1.62 and a beta of 1.07. 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 has a 12-month low of $46.50 and a 12-month high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be paid a $0.6723 dividend. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.69%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 48.03%.

Analyst Upgrades and Downgrades

CM has been the subject of several analyst reports. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $92.00.

About Canadian Imperial Bank of Commerce

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.