Bank Julius Baer & Co. Ltd Zurich Makes New $205,000 Investment in Canadian Imperial Bank of Commerce (NYSE:CM)

Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 3,244 shares of the bank’s stock, valued at approximately $205,000.

Other institutional investors have also made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Canadian Imperial Bank of Commerce by 14.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after buying an additional 1,305,665 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $62,849,000. Public Sector Pension Investment Board grew its holdings in Canadian Imperial Bank of Commerce by 32.0% during the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after purchasing an additional 900,575 shares during the period. Alberta Investment Management Corp increased its position in Canadian Imperial Bank of Commerce by 74.4% during the fourth quarter. Alberta Investment Management Corp now owns 1,572,963 shares of the bank’s stock worth $99,450,000 after buying an additional 671,028 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Canadian Imperial Bank of Commerce by 23.3% in the third quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank’s stock valued at $195,561,000 after buying an additional 601,234 shares during the period. Institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CM shares. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, February 14th. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of “Hold” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM opened at $55.66 on Tuesday. The firm has a market cap of $52.45 billion, a P/E ratio of 10.40, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. The business’s 50 day moving average is $61.69 and its 200-day moving average is $62.18. 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 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 given a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a yield of 4.83%. The ex-dividend date is Friday, March 28th. 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.