Lorne Steinberg Wealth Management Inc. Has $10.20 Million Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Lorne Steinberg Wealth Management Inc. grew its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.1% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 161,334 shares of the bank’s stock after acquiring an additional 1,740 shares during the period. Canadian Imperial Bank of Commerce comprises approximately 3.0% of Lorne Steinberg Wealth Management Inc.’s investment portfolio, making the stock its 6th biggest holding. Lorne Steinberg Wealth Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $10,195,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CM. Allworth Financial LP raised its stake in Canadian Imperial Bank of Commerce by 255.6% in the fourth quarter. Allworth Financial LP now owns 1,120 shares of the bank’s stock worth $71,000 after buying an additional 805 shares in the last quarter. Rhumbline Advisers raised its stake in Canadian Imperial Bank of Commerce by 12.6% in the fourth quarter. Rhumbline Advisers now owns 3,622 shares of the bank’s stock worth $229,000 after buying an additional 404 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Canadian Imperial Bank of Commerce by 195.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 227,989 shares of the bank’s stock worth $14,404,000 after buying an additional 150,789 shares in the last quarter. Savant Capital LLC raised its stake in Canadian Imperial Bank of Commerce by 38.7% in the fourth quarter. Savant Capital LLC now owns 16,053 shares of the bank’s stock worth $1,015,000 after buying an additional 4,483 shares in the last quarter. Finally, Cidel Asset Management Inc. raised its stake in Canadian Imperial Bank of Commerce by 8.9% in the fourth quarter. Cidel Asset Management Inc. now owns 448,789 shares of the bank’s stock worth $28,375,000 after buying an additional 36,732 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $62.21 on Wednesday. The company has a market cap of $58.62 billion, a PE ratio of 11.63, a PEG ratio of 1.64 and a beta of 1.05. 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 $45.84 and a 12-month high of $67.45. The business’s fifty day simple moving average is $63.23 and its 200-day simple moving average is $61.40.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 27th were given a $0.6912 dividend. This represents a $2.76 annualized dividend and a dividend yield of 4.44%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 51.22%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, February 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $92.00.

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.