TD Asset Management Inc. Buys 851,164 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

TD Asset Management Inc. grew its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 23,600,495 shares of the bank’s stock after acquiring an additional 851,164 shares during the period. Canadian Imperial Bank of Commerce accounts for approximately 1.3% of TD Asset Management Inc.’s investment portfolio, making the stock its 13th biggest position. TD Asset Management Inc. owned 2.50% of Canadian Imperial Bank of Commerce worth $1,492,138,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Natixis Advisors LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 8.9% during the third quarter. Natixis Advisors LLC now owns 46,892 shares of the bank’s stock worth $2,876,000 after purchasing an additional 3,836 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Canadian Imperial Bank of Commerce by 32.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 112,033 shares of the bank’s stock worth $6,872,000 after buying an additional 27,291 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Canadian Imperial Bank of Commerce by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,518,979 shares of the bank’s stock worth $154,679,000 after acquiring an additional 93,160 shares during the last quarter. Raymond James Trust N.A. increased its position in Canadian Imperial Bank of Commerce by 3.5% in the 3rd quarter. Raymond James Trust N.A. now owns 15,739 shares of the bank’s stock valued at $965,000 after acquiring an additional 527 shares during the period. Finally, Citigroup Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 5.2% during the third quarter. Citigroup Inc. now owns 352,332 shares of the bank’s stock valued at $21,636,000 after acquiring an additional 17,457 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $97.00 to $103.00 in a 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. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $57.56 on Tuesday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm’s fifty day simple moving average is $60.42 and its two-hundred day simple moving average is $62.14. Canadian Imperial Bank of Commerce has a 12 month low of $46.50 and a 12 month high of $67.45. The stock has a market capitalization of $54.11 billion, a P/E ratio of 10.76, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 4.67%. Canadian Imperial Bank of Commerce’s payout ratio is 48.03%.

Canadian Imperial Bank of Commerce 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.