Lorne Steinberg Wealth Management Inc. Buys 1,740 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Lorne Steinberg Wealth Management Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 161,334 shares of the bank’s stock after purchasing an additional 1,740 shares during the quarter. Canadian Imperial Bank of Commerce comprises approximately 3.0% of Lorne Steinberg Wealth Management Inc.’s holdings, making the stock its 6th biggest position. 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 quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Allworth Financial LP grew its position in Canadian Imperial Bank of Commerce by 255.6% during the 4th quarter. Allworth Financial LP now owns 1,120 shares of the bank’s stock worth $71,000 after purchasing an additional 805 shares during the period. Rhumbline Advisers grew its position in Canadian Imperial Bank of Commerce by 12.6% during the 4th quarter. Rhumbline Advisers now owns 3,622 shares of the bank’s stock worth $229,000 after purchasing an additional 404 shares during the period. Allspring Global Investments Holdings LLC grew its position in Canadian Imperial Bank of Commerce by 195.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 227,989 shares of the bank’s stock worth $14,404,000 after purchasing an additional 150,789 shares during the period. Savant Capital LLC grew its position in Canadian Imperial Bank of Commerce by 38.7% during the 4th quarter. Savant Capital LLC now owns 16,053 shares of the bank’s stock worth $1,015,000 after purchasing an additional 4,483 shares during the period. Finally, Cidel Asset Management Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 8.9% during the 4th quarter. Cidel Asset Management Inc. now owns 448,789 shares of the bank’s stock valued at $28,375,000 after acquiring an additional 36,732 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Canadian Imperial Bank of Commerce Trading Up 0.2 %

Shares of Canadian Imperial Bank of Commerce stock opened at $62.21 on Wednesday. The firm has a market capitalization of $58.62 billion, a PE ratio of 11.63, a P/E/G ratio of 1.64 and a beta of 1.05. Canadian Imperial Bank of Commerce has a twelve month low of $45.84 and a twelve month high of $67.45. The firm’s 50-day moving average price is $63.23 and its 200 day moving average price is $61.40. 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 Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 27th were paid a $0.6912 dividend. 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. This represents a $2.76 dividend on an annualized basis and a yield of 4.44%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 51.22%.

About Canadian Imperial Bank of Commerce

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.