Geode Capital Management LLC Buys 1,327,967 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Geode Capital Management LLC raised its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 31.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,573,202 shares of the bank’s stock after acquiring an additional 1,327,967 shares during the period. Geode Capital Management LLC owned approximately 0.59% of Canadian Imperial Bank of Commerce worth $357,480,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Crews Bank & Trust bought a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth about $25,000. SBI Securities Co. Ltd. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $30,000. Sandy Spring Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $32,000. IFP Advisors Inc boosted its position in shares of Canadian Imperial Bank of Commerce by 318.1% during the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock valued at $34,000 after acquiring an additional 404 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in Canadian Imperial Bank of Commerce in the third quarter worth $44,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on CM. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $56.79 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $53.39 billion, a P/E ratio of 10.62, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98. Canadian Imperial Bank of Commerce has a 1-year low of $46.50 and a 1-year high of $67.45. The company’s 50-day moving average is $59.43 and its 200 day moving average is $61.91.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be paid a $0.6723 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.74%. Canadian Imperial Bank of Commerce’s payout ratio is 48.03%.

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.