Municipal Employees Retirement System of Michigan acquired a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the second quarter, Holdings Channel reports. The fund acquired 12,908 shares of the bank’s stock, valued at approximately $1,048,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Opera Trading Capital purchased a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $136,000. Parallel Advisors LLC boosted its position in shares of Canadian Imperial Bank of Commerce by 7.2% in the first quarter. Parallel Advisors LLC now owns 1,915 shares of the bank’s stock worth $152,000 after buying an additional 129 shares in the last quarter. First Quadrant L P CA purchased a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $191,000. Koch Industries Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce during the first quarter worth about $207,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce during the first quarter worth about $209,000. Hedge funds and other institutional investors own 48.19% of the company’s stock.

Canadian Imperial Bank of Commerce (NYSE:CM) opened at 83.95 on Friday. Canadian Imperial Bank of Commerce has a one year low of $72.62 and a one year high of $92.22. The company’s 50-day moving average is $84.13 and its 200 day moving average is $84.05. The firm has a market cap of $33.71 billion, a PE ratio of 8.78 and a beta of 1.09.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 28th. Stockholders of record on Wednesday, June 28th were paid a $0.9406 dividend. The ex-dividend date was Monday, June 26th. This represents a $3.76 annualized dividend and a dividend yield of 4.48%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 41.18%.

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CM has been the subject of several research analyst reports. BidaskClub upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. Canaccord Genuity initiated coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, July 18th. They issued a “buy” rating for the company. Zacks Investment Research upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Finally, National Bank Financial reiterated an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 18th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $100.63.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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