Raymond James Financial Inc. Invests $25 Million in Canadian Imperial Bank of Commerce (NYSE:CM)

Raymond James Financial Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 395,338 shares of the bank’s stock, valued at approximately $24,997,000.

A number of other hedge funds also recently bought and sold shares of the business. JPMorgan Chase & Co. grew its holdings in shares of Canadian Imperial Bank of Commerce by 6.1% in the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after purchasing an additional 334,545 shares during the period. Rhumbline Advisers grew 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 buying an additional 404 shares during the period. American Century Companies Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 8.5% during the 4th quarter. American Century Companies Inc. now owns 299,211 shares of the bank’s stock worth $18,927,000 after buying an additional 23,403 shares during the last quarter. Smith Group Asset Management LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at approximately $4,875,000. Finally, Mission Wealth Management LP acquired a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $322,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

CM has been the topic of a number of research analyst reports. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, April 14th. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Trading Up 0.3 %

Shares of NYSE CM opened at $58.94 on Friday. 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 stock has a market capitalization of $55.41 billion, a PE ratio of 11.02, a PEG ratio of 1.62 and a beta of 0.98. Canadian Imperial Bank of Commerce has a twelve month low of $46.50 and a twelve month high of $67.45. The stock has a fifty day simple moving average of $58.14 and a 200-day simple moving average of $61.55.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be given a $0.6723 dividend. This represents a $2.69 annualized dividend and a yield of 4.56%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 48.03%.

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.