M&G Investment Management Ltd. Purchases 3,865 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

M&G Investment Management Ltd. lifted its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 215,124 shares of the bank’s stock after purchasing an additional 3,865 shares during the quarter. M&G Investment Management Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $10,391,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Canadian Imperial Bank of Commerce by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 33,841,855 shares of the bank’s stock worth $1,306,634,000 after acquiring an additional 544,942 shares during the last quarter. Toronto Dominion Bank grew its holdings in Canadian Imperial Bank of Commerce by 1.8% during the 3rd quarter. Toronto Dominion Bank now owns 26,965,878 shares of the bank’s stock worth $1,041,153,000 after acquiring an additional 476,342 shares during the last quarter. Legal & General Group Plc grew its holdings in Canadian Imperial Bank of Commerce by 5.1% during the 3rd quarter. Legal & General Group Plc now owns 5,185,512 shares of the bank’s stock worth $201,082,000 after acquiring an additional 251,039 shares during the last quarter. Scotia Capital Inc. grew its holdings in Canadian Imperial Bank of Commerce by 0.6% during the 3rd quarter. Scotia Capital Inc. now owns 4,190,637 shares of the bank’s stock worth $161,672,000 after acquiring an additional 23,052 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in Canadian Imperial Bank of Commerce by 14.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,556,632 shares of the bank’s stock worth $137,282,000 after acquiring an additional 438,978 shares during the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

CM stock traded up $0.33 during midday trading on Wednesday, reaching $49.33. The company had a trading volume of 391,752 shares, compared to its average volume of 1,659,162. The company has a market capitalization of $46.27 billion, a price-to-earnings ratio of 10.17, a price-to-earnings-growth ratio of 2.32 and a beta of 1.07. The stock has a 50 day moving average price of $48.93 and a 200-day moving average price of $45.71. Canadian Imperial Bank of Commerce has a 1-year low of $34.35 and a 1-year high of $51.14. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, February 29th. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.10. The business had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.47 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. Equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.03 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 29th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.6634 per share. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $2.65 annualized dividend and a yield of 5.38%. Canadian Imperial Bank of Commerce’s payout ratio is presently 54.75%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CM shares. Barclays started coverage on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They set an “underweight” rating on the stock. Scotiabank raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research note on Tuesday, February 20th. Finally, Jefferies Financial Group began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They set a “buy” rating for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $63.00.

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.