Addenda Capital Inc. Grows Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Addenda Capital Inc. grew its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 5.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 545,010 shares of the bank’s stock after purchasing an additional 30,382 shares during the period. Canadian Imperial Bank of Commerce makes up about 1.6% of Addenda Capital Inc.’s holdings, making the stock its 20th biggest position. Addenda Capital Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $34,461,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CM. Toronto Dominion Bank raised its holdings in Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after acquiring an additional 3,942,894 shares during the period. CIBC Asset Management Inc grew its position in shares of 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 valued at $696,659,000 after purchasing an additional 375,837 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake 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 period. Legal & General Group Plc lifted its holdings in Canadian Imperial Bank of Commerce by 3.3% during the 2nd quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after purchasing an additional 228,130 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Canadian Imperial Bank of Commerce by 61.7% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank’s stock worth $334,321,000 after purchasing an additional 2,681,428 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Down 0.2 %

Shares of NYSE CM opened at $62.61 on Tuesday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average of $64.22 and a 200-day moving average of $59.44. The firm has a market capitalization of $59.00 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 1.64 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 12 month low of $43.86 and a 12 month high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be paid a $0.6912 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date of this dividend is Friday, December 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s payout ratio is currently 51.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CM shares. StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Monday, January 6th. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Hold” and a consensus price target of $92.00.

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.