Vanguard Group Inc. Has $1.70 Billion Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Vanguard Group Inc. increased its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.1% during the fourth quarter, Holdings Channel reports. The fund owned 35,237,455 shares of the bank’s stock after acquiring an additional 1,395,600 shares during the quarter. Vanguard Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $1,696,331,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Toronto Dominion Bank increased its stake in Canadian Imperial Bank of Commerce by 1.8% in the 3rd quarter. Toronto Dominion Bank now owns 26,965,878 shares of the bank’s stock valued at $1,041,153,000 after buying an additional 476,342 shares during the period. Bank of Nova Scotia increased its stake in Canadian Imperial Bank of Commerce by 8.1% in the 4th quarter. Bank of Nova Scotia now owns 24,915,095 shares of the bank’s stock valued at $1,199,627,000 after buying an additional 1,872,709 shares during the period. TD Asset Management Inc increased its stake in Canadian Imperial Bank of Commerce by 13.8% in the 4th quarter. TD Asset Management Inc now owns 22,550,346 shares of the bank’s stock valued at $1,091,089,000 after buying an additional 2,730,076 shares during the period. CIBC Asset Management Inc increased its stake in shares of Canadian Imperial Bank of Commerce by 12.8% during the 4th quarter. CIBC Asset Management Inc now owns 11,601,044 shares of the bank’s stock worth $560,365,000 after purchasing an additional 1,313,996 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth $404,008,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM opened at $47.85 on Wednesday. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15. The company has a fifty day simple moving average of $48.34 and a 200 day simple moving average of $47.53. The company has a market cap of $45.12 billion, a P/E ratio of 9.85, a P/E/G ratio of 1.87 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $51.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Friday, June 28th will be issued a dividend of $0.653 per share. This represents a $2.61 annualized dividend and a dividend yield of 5.46%. The ex-dividend date is Friday, June 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 53.70%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CM shares. Scotiabank upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research note on Tuesday, February 20th. Barclays started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They set an “underweight” rating on the stock. Jefferies Financial Group started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, February 22nd. They set a “buy” rating on the stock. BMO Capital Markets increased their price target on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a research note on Friday, May 31st. Finally, Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $67.00.

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.