Cidel Asset Management Inc. Purchases 36,732 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Cidel Asset Management Inc. lifted its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 8.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 448,789 shares of the bank’s stock after acquiring an additional 36,732 shares during the quarter. Canadian Imperial Bank of Commerce makes up approximately 1.9% of Cidel Asset Management Inc.’s portfolio, making the stock its 15th biggest position. Cidel Asset Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $28,375,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Crews Bank & Trust purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth $25,000. BNP Paribas Financial Markets bought a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth $44,000. Blue Trust Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce by 571.6% during the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after purchasing an additional 623 shares during the last quarter. Versant Capital Management Inc boosted its position in Canadian Imperial Bank of Commerce by 1,069.4% during the fourth quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock valued at $46,000 after purchasing an additional 663 shares in the last quarter. Finally, City State Bank purchased a new position in Canadian Imperial Bank of Commerce in the third quarter valued at about $61,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

CM has been the topic of a number of recent analyst reports. Royal Bank of Canada upgraded 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 report 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 report on Tuesday. One analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM opened at $62.30 on Friday. The stock has a market cap of $58.71 billion, a price-to-earnings ratio of 11.64, a PEG ratio of 1.66 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 12 month low of $43.86 and a 12 month high of $67.45. The company has a 50 day simple moving average of $63.76 and a two-hundred day simple moving average of $60.63. 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 Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th were issued a $0.6912 dividend. This represents a $2.76 annualized dividend and a yield of 4.44%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 51.22%.

Canadian Imperial Bank of Commerce 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.