Mission Wealth Management LP Invests $322,000 in Canadian Imperial Bank of Commerce (NYSE:CM)

Mission Wealth Management LP acquired a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 5,100 shares of the bank’s stock, valued at approximately $322,000.

Other hedge funds have also modified their holdings of the company. CIBC Asset Management Inc increased its position in shares of Canadian Imperial Bank of Commerce by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after purchasing an additional 375,837 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position 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 purchasing an additional 1,305,665 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Canadian Imperial Bank of Commerce by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after purchasing an additional 334,545 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Canadian Imperial Bank of Commerce by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank’s stock valued at $262,598,000 after purchasing an additional 336,854 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its position in shares of Canadian Imperial Bank of Commerce by 32.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock valued at $228,043,000 after purchasing an additional 900,575 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CM. StockNews.com raised 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 raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $58.19 on Thursday. The firm has a market cap of $54.84 billion, a P/E ratio of 10.88, a P/E/G ratio of 1.62 and a beta of 1.07. 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 $46.50 and a 12 month high of $67.45. The stock’s fifty day moving average price is $62.13 and its 200-day moving average price is $62.06.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.6723 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 4.62%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 48.03%.

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.