Smith Asset Management Group LP increased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 169.1% during the second quarter, Holdings Channel reports. The institutional investor owned 6,646 shares of the bank’s stock after buying an additional 4,176 shares during the period. Smith Asset Management Group LP’s holdings in Canadian Imperial Bank of Commerce were worth $539,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Wetherby Asset Management Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 4.3% in the first quarter. Wetherby Asset Management Inc. now owns 6,059 shares of the bank’s stock valued at $522,000 after buying an additional 251 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Canadian Imperial Bank of Commerce by 12.0% in the first quarter. Russell Investments Group Ltd. now owns 1,949,562 shares of the bank’s stock valued at $167,665,000 after buying an additional 209,417 shares in the last quarter. ARP Americas LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter valued at about $241,000. Nikko Asset Management Americas Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 32.3% in the first quarter. Nikko Asset Management Americas Inc. now owns 25,800 shares of the bank’s stock valued at $2,220,000 after buying an additional 6,300 shares in the last quarter. Finally, K.J. Harrison & Partners Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 64.8% in the first quarter. K.J. Harrison & Partners Inc now owns 14,562 shares of the bank’s stock valued at $1,253,000 after buying an additional 5,727 shares in the last quarter. 48.46% of the stock is owned by institutional investors.

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) opened at 84.59 on Tuesday. The stock has a market capitalization of $33.97 billion, a PE ratio of 8.84 and a beta of 1.09. The company’s 50-day moving average is $84.33 and its 200-day moving average is $84.01. Canadian Imperial Bank of Commerce has a 12 month low of $72.62 and a 12 month high of $92.22.

The company also recently announced a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Wednesday, June 28th were paid a $0.9406 dividend. The ex-dividend date of this dividend was Monday, June 26th. This represents a $3.76 dividend on an annualized basis and a yield of 4.45%. Canadian Imperial Bank of Commerce’s payout ratio is presently 41.18%.

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Several analysts have recently issued reports on the stock. BidaskClub cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Zacks Investment Research raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a research note on Tuesday, July 18th. Canaccord Genuity assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 18th. They set a “buy” rating for the company. Finally, National Bank Financial reissued an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 18th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $100.63.

Canadian Imperial Bank of Commerce Company Profile

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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