Raymond James Financial Inc. Takes $25 Million Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Raymond James Financial Inc. bought a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 395,338 shares of the bank’s stock, valued at approximately $24,997,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Crews Bank & Trust purchased 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 Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $30,000. Sandy Spring Bank purchased a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at approximately $32,000. IFP Advisors Inc lifted its stake in shares of Canadian Imperial Bank of Commerce by 318.1% in the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock valued at $34,000 after purchasing an additional 404 shares during the period. Finally, BNP Paribas Financial Markets purchased a new stake in Canadian Imperial Bank of Commerce during the third quarter worth $44,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Up 0.3 %

CM opened at $58.94 on Friday. The company has a market cap of $55.41 billion, a PE ratio of 11.02, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98. Canadian Imperial Bank of Commerce has a twelve month low of $46.50 and a twelve month high of $67.45. The company has a 50-day moving average price of $58.14 and a 200 day moving average price of $61.55. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

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

Wall Street Analyst Weigh In

CM has been the subject of a number of analyst reports. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, April 14th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target 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.