Geode Capital Management LLC Raises Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Geode Capital Management LLC increased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 31.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,573,202 shares of the bank’s stock after acquiring an additional 1,327,967 shares during the quarter. Geode Capital Management LLC’s holdings in Canadian Imperial Bank of Commerce were worth $357,480,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Franklin Resources Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 11.0% in the 4th quarter. Franklin Resources Inc. now owns 978,161 shares of the bank’s stock worth $61,797,000 after purchasing an additional 97,323 shares during the period. Wellington Management Group LLP lifted its position in Canadian Imperial Bank of Commerce by 21.4% during the fourth quarter. Wellington Management Group LLP now owns 210,127 shares of the bank’s stock valued at $13,285,000 after acquiring an additional 37,015 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in Canadian Imperial Bank of Commerce by 2.0% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 216,786 shares of the bank’s stock worth $13,698,000 after acquiring an additional 4,269 shares in the last quarter. Orion Portfolio Solutions LLC increased its stake in Canadian Imperial Bank of Commerce by 6.2% during the 4th quarter. Orion Portfolio Solutions LLC now owns 16,921 shares of the bank’s stock valued at $1,070,000 after purchasing an additional 986 shares in the last quarter. Finally, Blair William & Co. IL raised its stake in Canadian Imperial Bank of Commerce by 7.3% in the 4th quarter. Blair William & Co. IL now owns 5,658 shares of the bank’s stock worth $358,000 after acquiring an additional 383 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Down 3.6 %

CM stock opened at $56.79 on Friday. The company’s 50 day moving average price is $59.43 and its 200 day moving average price is $61.91. The firm has a market capitalization of $53.39 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 1.62 and a beta of 0.98. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.50 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.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be issued a $0.6723 dividend. This represents a $2.69 annualized dividend and a yield of 4.74%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 48.03%.

Analysts Set New Price Targets

CM has been the topic of a number of recent research reports. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Friday. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

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.