MML Investors Services LLC Grows Position in Canadian Imperial Bank of Commerce (NYSE:CM)

MML Investors Services LLC grew its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.5% during the 3rd quarter, Holdings Channel reports. The fund owned 44,008 shares of the bank’s stock after acquiring an additional 237 shares during the period. MML Investors Services LLC’s holdings in Canadian Imperial Bank of Commerce were worth $2,699,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Ridgewood Investments LLC purchased a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $29,000. BNP Paribas Financial Markets purchased a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter valued at $44,000. Blue Trust Inc. increased its stake in Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after purchasing an additional 623 shares during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new position in Canadian Imperial Bank of Commerce during the second quarter worth about $51,000. Finally, Massmutual Trust Co. FSB ADV boosted its stake in Canadian Imperial Bank of Commerce by 23.1% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock worth $56,000 after buying an additional 171 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $66.15 on Monday. The firm’s fifty day simple moving average is $63.69 and its 200 day simple moving average is $56.81. 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 $43.86 and a twelve month high of $67.45. The firm has a market capitalization of $62.48 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.78 and a beta of 1.06.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be paid a dividend of $0.6912 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date is Friday, December 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s payout ratio is currently 53.46%.

Analyst Upgrades and Downgrades

CM has been the topic of several recent analyst reports. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. BMO Capital Markets increased their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, December 6th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $97.00 target price (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.00.

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.