VAUGHAN & Co SECURITIES INC. Lowers Position in Canadian Imperial Bank of Commerce (NYSE:CM)

VAUGHAN & Co SECURITIES INC. lowered its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.5% in the 4th quarter, HoldingsChannel reports. The firm owned 7,950 shares of the bank’s stock after selling 205 shares during the quarter. VAUGHAN & Co SECURITIES INC.’s holdings in Canadian Imperial Bank of Commerce were worth $503,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Canadian Imperial Bank of Commerce by 14.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock valued at $652,676,000 after acquiring an additional 1,305,665 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in Canadian Imperial Bank of Commerce in the third quarter worth about $62,849,000. Public Sector Pension Investment Board increased its position in Canadian Imperial Bank of Commerce by 32.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock valued at $228,043,000 after buying an additional 900,575 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Canadian Imperial Bank of Commerce by 23.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank’s stock worth $195,561,000 after purchasing an additional 601,234 shares in the last quarter. Finally, CIBC Asset Management Inc grew its holdings in shares of Canadian Imperial Bank of Commerce by 3.4% during the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after buying an additional 375,837 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CM shares. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Tuesday. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

CM opened at $61.67 on Thursday. The company has a fifty day moving average of $63.88 and a 200 day moving average of $60.62. Canadian Imperial Bank of Commerce has a fifty-two week low of $43.86 and a fifty-two week high of $67.45. The stock has a market capitalization of $58.12 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.66 and a beta of 1.05. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th were issued a dividend of $0.6912 per share. This represents a $2.76 annualized dividend and a dividend yield of 4.48%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date was Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 51.22%.

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.