Canadian Imperial Bank of Commerce (NYSE:CM) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,757,382 shares of the bank’s stock after acquiring an additional 115,884 shares during the quarter. Canadian Imperial Bank of Commerce makes up 3.1% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its 3rd biggest holding. Connor Clark & Lunn Investment Management Ltd. owned about 1.14% of Canadian Imperial Bank of Commerce worth $679,613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of CM. CIBC Asset Management Inc grew its holdings in Canadian Imperial Bank of Commerce by 3.4% in the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock worth $696,659,000 after purchasing an additional 375,837 shares during the period. JPMorgan Chase & Co. grew its stake in shares of 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 worth $359,320,000 after acquiring an additional 334,545 shares in the last quarter. Geode Capital Management LLC increased its stake in Canadian Imperial Bank of Commerce by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank’s stock valued at $262,598,000 after buying an additional 336,854 shares during the last quarter. Public Sector Pension Investment Board increased its position in shares of 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 acquiring an additional 900,575 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Canadian Imperial Bank of Commerce by 23.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank’s stock worth $195,561,000 after purchasing an additional 601,234 shares during the period. 49.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, February 14th. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their price target 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $55.33 on Wednesday. The company has a market capitalization of $52.14 billion, a PE ratio of 10.34, a P/E/G ratio of 1.62 and a beta of 1.07. Canadian Imperial Bank of Commerce has a twelve month low of $46.50 and a twelve month high of $67.45. The firm has a fifty day simple moving average of $61.54 and a two-hundred day simple moving average of $62.18. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be issued a $0.6723 dividend. This represents a $2.69 annualized dividend and a dividend yield of 4.86%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 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.