State of Tennessee Department of Treasury Acquires 2,176 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

State of Tennessee Department of Treasury increased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 541,370 shares of the bank’s stock after buying an additional 2,176 shares during the quarter. State of Tennessee Department of Treasury owned about 0.06% of Canadian Imperial Bank of Commerce worth $34,228,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CM. Crews Bank & Trust acquired a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $25,000. Operose Advisors LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $26,000. SBI Securities Co. Ltd. bought a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $30,000. Sandy Spring Bank bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth $32,000. Finally, IFP Advisors Inc boosted its holdings 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 in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CM has been the topic of several research analyst reports. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Hold” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $58.47 on Tuesday. The stock has a market cap of $54.97 billion, a price-to-earnings ratio of 10.93, a P/E/G ratio of 1.62 and a beta of 0.98. 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 company’s fifty day moving average is $58.08 and its 200 day moving average is $61.55.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed 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. The ex-dividend date is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.60%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) 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.