Summit Global Investments Takes $1.45 Million Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Summit Global Investments bought a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 22,924 shares of the bank’s stock, valued at approximately $1,449,000.

A number of other institutional investors have also recently modified their holdings of CM. Public Sector Pension Investment Board lifted its stake in Canadian Imperial Bank of Commerce by 32.0% in 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 buying an additional 900,575 shares in the last quarter. FMR LLC lifted its stake in Canadian Imperial Bank of Commerce by 3.3% in the 3rd 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 in the last quarter. JPMorgan Chase & Co. lifted its stake in Canadian Imperial Bank of Commerce by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after buying an additional 334,545 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $10,045,000. Finally, Rhumbline Advisers lifted its stake in Canadian Imperial Bank of Commerce by 12.6% in the 4th quarter. Rhumbline Advisers now owns 3,622 shares of the bank’s stock valued at $229,000 after buying an additional 404 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CM. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, February 14th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. 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 %

CM opened at $56.77 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company’s 50 day simple moving average is $60.51 and its two-hundred day simple moving average is $62.13. Canadian Imperial Bank of Commerce has a 1-year low of $46.50 and a 1-year high of $67.45. The firm has a market capitalization of $53.36 billion, a price-to-earnings ratio of 10.61, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be paid a $0.6723 dividend. This represents a $2.69 dividend on an annualized basis and a yield of 4.74%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 48.03%.

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.