Clearbridge Investments LLC Takes Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Clearbridge Investments LLC bought a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the fourth quarter, Holdings Channel.com reports. The fund bought 930,191 shares of the bank’s stock, valued at approximately $44,779,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Bruce G. Allen Investments LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $33,000. Janiczek Wealth Management LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 34.9% in the 4th quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock worth $41,000 after acquiring an additional 222 shares during the period. Principal Securities Inc. bought a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $64,000. Hexagon Capital Partners LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 152.9% during the 4th quarter. Hexagon Capital Partners LLC now owns 1,692 shares of the bank’s stock worth $81,000 after buying an additional 1,023 shares during the period. Finally, NBC Securities Inc. bought a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $106,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $48.41 on Thursday. The company has a market capitalization of $45.40 billion, a price-to-earnings ratio of 10.00, a PEG ratio of 2.24 and a beta of 1.07. Canadian Imperial Bank of Commerce has a 12 month low of $34.35 and a 12 month high of $51.14. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. The stock’s 50 day moving average is $48.87 and its 200-day moving average is $46.18.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, February 29th. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. The company had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.47 billion. Equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.03 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 29th. Investors of record on Thursday, March 28th were issued a $0.6634 dividend. This represents a $2.65 dividend on an annualized basis and a yield of 5.48%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Wednesday, March 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.75%.

Wall Street Analyst Weigh In

CM has been the subject of several research analyst reports. Barclays initiated coverage on Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They issued an “underweight” rating for the company. Jefferies Financial Group initiated coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, February 22nd. They issued a “buy” rating for the company. Finally, Scotiabank raised Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research note on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $63.00.

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.