Connor Clark & Lunn Investment Management Ltd. Has $679.61 Million Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Connor Clark & Lunn Investment Management Ltd. increased its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,757,382 shares of the bank’s stock after purchasing an additional 115,884 shares during the quarter. Canadian Imperial Bank of Commerce makes up about 3.1% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 3rd largest holding. Connor Clark & Lunn Investment Management Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $679,613,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CM. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter valued at approximately $243,000. Assetmark Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 18.8% during the 3rd quarter. Assetmark Inc. now owns 29,181 shares of the bank’s stock valued at $1,790,000 after acquiring an additional 4,610 shares during the period. Entropy Technologies LP purchased a new stake in Canadian Imperial Bank of Commerce in the third quarter worth about $1,122,000. Aigen Investment Management LP raised its stake in Canadian Imperial Bank of Commerce by 23.8% during the 3rd quarter. Aigen Investment Management LP now owns 19,514 shares of the bank’s stock worth $1,197,000 after acquiring an additional 3,750 shares during the period. Finally, Cumberland Partners Ltd raised its position in shares of Canadian Imperial Bank of Commerce by 152.5% during the 3rd quarter. Cumberland Partners Ltd now owns 33,102 shares of the bank’s stock valued at $2,033,000 after purchasing an additional 19,994 shares during the period. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Down 0.5 %

Shares of CM opened at $55.33 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $52.14 billion, a price-to-earnings ratio of 10.34, a PEG ratio of 1.62 and a beta of 1.07. The company has a 50-day moving average of $61.54 and a 200 day moving average of $62.18. Canadian Imperial Bank of Commerce has a 1-year low of $46.50 and a 1-year high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be issued 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 yield of 4.86%. Canadian Imperial Bank of Commerce’s payout ratio is currently 48.03%.

Analyst Upgrades and Downgrades

Several research analysts have 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 upped their price target for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $92.00.

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.