NewSquare Capital LLC Invests $5.85 Million in Canadian Imperial Bank of Commerce (NYSE:CM)

NewSquare Capital LLC acquired a new stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 4th quarter, Holdings Channel reports. The fund acquired 92,521 shares of the bank’s stock, valued at approximately $5,850,000.

Other institutional investors have also added to or reduced their stakes in the company. Public Sector Pension Investment Board lifted its position in Canadian Imperial Bank of Commerce by 32.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock valued at $228,043,000 after acquiring an additional 900,575 shares in the last quarter. CIBC Asset Management Inc lifted its position in Canadian Imperial Bank of Commerce by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after acquiring an additional 375,837 shares in the last quarter. Atlanta Consulting Group Advisors LLC bought a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter valued at $671,000. FMR LLC lifted its position in Canadian Imperial Bank of Commerce by 3.3% in the 3rd 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 in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Canadian Imperial Bank of Commerce by 6.1% in the 3rd 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 in the last quarter. 49.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CM shares. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, February 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Down 3.8 %

Shares of CM stock opened at $57.47 on Wednesday. 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. The firm’s fifty day moving average price is $62.25 and its two-hundred day moving average price is $62.08. The firm has a market capitalization of $54.15 billion, a P/E ratio of 10.74, a PEG ratio of 1.62 and a beta of 1.05.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.6723 per share. The ex-dividend date is Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 4.68%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 47.67%.

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.