Alberta Investment Management Corp Grows Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Alberta Investment Management Corp increased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 74.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,572,963 shares of the bank’s stock after purchasing an additional 671,028 shares during the period. Canadian Imperial Bank of Commerce makes up 0.7% of Alberta Investment Management Corp’s investment portfolio, making the stock its 21st largest holding. Alberta Investment Management Corp’s holdings in Canadian Imperial Bank of Commerce were worth $99,450,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Public Sector Pension Investment Board increased its holdings in Canadian Imperial Bank of Commerce by 32.0% during the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock valued at $228,043,000 after buying an additional 900,575 shares during the last quarter. CIBC Asset Management Inc increased its holdings in Canadian Imperial Bank of Commerce by 3.4% during 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 during the last quarter. Atlanta Consulting Group Advisors LLC purchased a new stake in Canadian Imperial Bank of Commerce during the third quarter valued at approximately $671,000. FMR LLC increased its holdings in Canadian Imperial Bank of Commerce by 3.3% during the third quarter. FMR LLC now owns 2,106,913 shares of the bank’s stock valued at $129,239,000 after buying an additional 67,480 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake 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 worth $359,320,000 after purchasing an additional 334,545 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Canadian Imperial Bank of Commerce Trading Up 0.2 %

Shares of CM opened at $62.21 on Wednesday. Canadian Imperial Bank of Commerce has a twelve month low of $45.84 and a twelve month high of $67.45. The company has a market cap of $58.62 billion, a P/E ratio of 11.63, a P/E/G 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. The company’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. Stockholders of record on Friday, December 27th were paid a $0.6912 dividend. The ex-dividend date was Friday, December 27th. 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. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 51.22%.

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.