Jones Financial Companies Lllp Increases Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Jones Financial Companies Lllp raised its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 14.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,550 shares of the bank’s stock after buying an additional 1,875 shares during the quarter. Jones Financial Companies Lllp’s holdings in Canadian Imperial Bank of Commerce were worth $920,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of CM. Crews Bank & Trust purchased a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at $25,000. IFP Advisors Inc lifted its position in Canadian Imperial Bank of Commerce by 318.1% in the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock worth $34,000 after buying an additional 404 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in Canadian Imperial Bank of Commerce in the third quarter worth $44,000. Versant Capital Management Inc lifted its position in Canadian Imperial Bank of Commerce by 1,069.4% in the fourth quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock worth $46,000 after buying an additional 663 shares during the last quarter. Finally, First Command Advisory Services Inc. bought a new stake in Canadian Imperial Bank of Commerce in the fourth quarter worth $63,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CM has been the subject of a number of analyst reports. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price target 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 Friday, February 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Stock Down 0.2 %

NYSE:CM opened at $56.70 on Friday. The company has a market cap of $53.43 billion, a price-to-earnings ratio of 10.60, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. 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 has a twelve month low of $46.50 and a twelve month high of $67.45. The stock has a fifty day simple moving average of $61.85 and a 200-day simple moving average of $62.10.

Canadian Imperial Bank of Commerce Cuts Dividend

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

About Canadian Imperial Bank of Commerce

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.