Canadian Imperial Bank of Commerce (NYSE:CM) Shares Purchased by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc grew its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 207,548 shares of the bank’s stock after purchasing an additional 539 shares during the period. Pinnacle Financial Partners Inc’s holdings in Canadian Imperial Bank of Commerce were worth $13,123,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. CIBC Asset Management Inc raised its stake in shares of Canadian Imperial Bank of Commerce by 3.4% in the 3rd 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% in 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 in the last quarter. JPMorgan Chase & Co. raised 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 valued at $359,320,000 after purchasing an additional 334,545 shares in the last quarter. Geode Capital Management LLC raised its stake in Canadian Imperial Bank of Commerce by 8.6% during the third quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank’s stock worth $262,598,000 after acquiring an additional 336,854 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in 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 worth $228,043,000 after acquiring an additional 900,575 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM opened at $60.81 on Friday. The firm has a market cap of $57.31 billion, a price-to-earnings ratio of 11.37, a P/E/G ratio of 1.63 and a beta of 1.05. The business’s 50-day simple moving average is $62.92 and its 200-day simple moving average is $61.49. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 52 week low of $46.11 and a 52 week high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th were given a $0.6912 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.55%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 51.21%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CM shares. StockNews.com upgraded shares of 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 raised their target price for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

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.