Hillsdale Investment Management Inc. Grows Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Hillsdale Investment Management Inc. lifted its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 138.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 962,026 shares of the bank’s stock after purchasing an additional 557,820 shares during the period. Canadian Imperial Bank of Commerce comprises 3.1% of Hillsdale Investment Management Inc.’s investment portfolio, making the stock its 5th largest holding. Hillsdale Investment Management Inc. owned approximately 0.10% of Canadian Imperial Bank of Commerce worth $60,788,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Public Sector Pension Investment Board grew its holdings in shares of 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 last quarter. FMR LLC boosted its holdings in Canadian Imperial Bank of Commerce by 3.3% in the third quarter. FMR LLC now owns 2,106,913 shares of the bank’s stock valued at $129,239,000 after acquiring an additional 67,480 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Canadian Imperial Bank of Commerce by 6.1% in the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after acquiring an additional 334,545 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at approximately $10,045,000. Finally, Rhumbline Advisers boosted its holdings in Canadian Imperial Bank of Commerce by 12.6% in the fourth quarter. Rhumbline Advisers now owns 3,622 shares of the bank’s stock valued at $229,000 after acquiring an additional 404 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $56.77 on Friday. The stock has a market capitalization of $53.36 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 1.62 and a beta of 1.07. Canadian Imperial Bank of Commerce has a 52-week low of $46.50 and a 52-week high of $67.45. The stock’s 50 day moving average price is $60.51 and its two-hundred day moving average price is $62.10. 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 Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be given a dividend of $0.6723 per share. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.74%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s payout ratio is 48.03%.

Analysts Set New Price Targets

Several analysts recently commented on CM shares. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $97.00 to $103.00 in a report 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. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price 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.