Bridgewater Associates LP Buys 9,860 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Bridgewater Associates LP raised its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 100.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,644 shares of the bank’s stock after acquiring an additional 9,860 shares during the period. Bridgewater Associates LP’s holdings in Canadian Imperial Bank of Commerce were worth $1,242,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CM. Vanguard Group Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank’s stock valued at $2,491,431,000 after purchasing an additional 749,843 shares in the last quarter. TD Asset Management Inc. grew its position in Canadian Imperial Bank of Commerce by 3.7% in the fourth quarter. TD Asset Management Inc. now owns 23,600,495 shares of the bank’s stock valued at $1,492,138,000 after acquiring an additional 851,164 shares during the period. FIL Ltd lifted its holdings in shares of Canadian Imperial Bank of Commerce by 53.6% during the fourth quarter. FIL Ltd now owns 12,387,607 shares of the bank’s stock valued at $783,613,000 after acquiring an additional 4,321,451 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank’s stock worth $679,613,000 after purchasing an additional 115,884 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth about $570,477,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

CM opened at $58.94 on Friday. The stock has a market cap of $55.41 billion, a P/E ratio of 11.02, a P/E/G ratio of 1.62 and a beta of 0.98. Canadian Imperial Bank of Commerce has a 12 month low of $46.50 and a 12 month high of $67.45. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $58.14 and a 200 day simple moving average of $61.55.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be given a dividend of $0.6723 per share. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.56%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 48.03%.

Wall Street Analyst Weigh In

CM has been the topic of several research analyst reports. Royal Bank of Canada upgraded 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 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 note on Monday, April 14th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average 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.