Canadian Imperial Bank of Commerce (NYSE:CM) Shares Acquired by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC lifted its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 76.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 15,935 shares of the bank’s stock after purchasing an additional 6,888 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Canadian Imperial Bank of Commerce were worth $977,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Toronto Dominion Bank boosted its holdings in Canadian Imperial Bank of Commerce by 17.9% during the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after acquiring an additional 3,942,894 shares during the period. Cibc World Market Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 18.9% in the 2nd quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock worth $938,834,000 after buying an additional 3,143,734 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of Canadian Imperial Bank of Commerce by 26.8% during the second quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock valued at $867,377,000 after acquiring an additional 3,875,280 shares during the period. CIBC Asset Management Inc boosted its position in Canadian Imperial Bank of Commerce by 3.4% in the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after buying an additional 375,837 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in 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 worth $652,676,000 after acquiring an additional 1,305,665 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CM has been the subject of several analyst reports. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $97.00 price target (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a report on Friday, December 6th. BMO Capital Markets boosted their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, December 6th. Finally, Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and an average price target of $89.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $66.15 on Monday. The firm has a market capitalization of $62.48 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 1.78 and a beta of 1.06. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12 month low of $43.86 and a 12 month high of $67.45. The firm has a fifty day simple moving average of $63.69 and a two-hundred day simple moving average of $56.81.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be paid a $0.6912 dividend. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.76 annualized dividend and a yield of 4.18%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 53.46%.

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.