Canadian Imperial Bank of Commerce (NYSE:CM) Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp increased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 5.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 4,971 shares of the bank’s stock after acquiring an additional 270 shares during the period. Fifth Third Bancorp’s holdings in Canadian Imperial Bank of Commerce were worth $314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in CM. CIBC Asset Management Inc grew its stake in shares of Canadian Imperial Bank of Commerce by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock worth $696,659,000 after purchasing an additional 375,837 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Canadian Imperial Bank of Commerce by 14.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock valued at $652,676,000 after acquiring an additional 1,305,665 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Canadian Imperial Bank of Commerce by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after buying an additional 334,545 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Canadian Imperial Bank of Commerce by 8.6% in the third quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank’s stock worth $262,598,000 after purchasing an additional 336,854 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its holdings in 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 purchasing an additional 900,575 shares during the last quarter. Institutional investors own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Thursday, January 23rd. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Down 1.2 %

Shares of NYSE CM opened at $63.07 on Friday. The firm has a market cap of $59.43 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 1.70 and a beta of 1.06. The company has a 50 day simple moving average of $64.10 and a 200 day simple moving average of $60.23. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 1 year low of $43.86 and a 1 year high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th were paid a dividend of $0.6912 per share. This represents a $2.76 dividend on an annualized basis and a yield of 4.38%. The ex-dividend date was Friday, December 27th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s payout ratio is 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.