Norges Bank Takes $570.48 Million Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Norges Bank bought a new position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 9,029,485 shares of the bank’s stock, valued at approximately $570,477,000. Norges Bank owned 0.96% of Canadian Imperial Bank of Commerce as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. FMR LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 3.3% in the third quarter. FMR LLC now owns 2,106,913 shares of the bank’s stock worth $129,239,000 after buying an additional 67,480 shares during the period. JPMorgan Chase & Co. grew its position in Canadian Imperial Bank of Commerce by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock worth $359,320,000 after acquiring an additional 334,545 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Canadian Imperial Bank of Commerce in the 3rd quarter worth approximately $10,045,000. Rhumbline Advisers lifted its position in Canadian Imperial Bank of Commerce by 12.6% in the fourth quarter. Rhumbline Advisers now owns 3,622 shares of the bank’s stock valued at $229,000 after purchasing an additional 404 shares during the last quarter. Finally, Bridgewater Associates LP purchased a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter valued at approximately $601,000. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $56.16 on Friday. 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 has a twelve month low of $46.50 and a twelve month high of $67.45. The stock has a market cap of $52.79 billion, a P/E ratio of 10.50, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. The firm’s fifty day simple moving average is $60.03 and its 200 day simple moving average is $62.04.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be given a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a dividend yield of 4.79%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 48.03%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

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.