Franklin Resources Inc. Grows Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Franklin Resources Inc. boosted its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 11.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 978,161 shares of the bank’s stock after purchasing an additional 97,323 shares during the period. Franklin Resources Inc. owned about 0.10% of Canadian Imperial Bank of Commerce worth $61,797,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CM. Crews Bank & Trust bought a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth about $25,000. SBI Securities Co. Ltd. purchased a new position in Canadian Imperial Bank of Commerce during the fourth quarter valued at $30,000. Sandy Spring Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth about $32,000. IFP Advisors Inc raised its holdings in shares of Canadian Imperial Bank of Commerce by 318.1% during the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock worth $34,000 after acquiring an additional 404 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in Canadian Imperial Bank of Commerce during the third quarter valued at $44,000. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CM has been the topic of several recent research reports. StockNews.com upgraded 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 upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock opened at $58.97 on Friday. The stock’s 50-day moving average is $59.56 and its 200 day moving average is $61.94. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 1-year low of $46.50 and a 1-year high of $67.45. The company has a market cap of $55.43 billion, a P/E ratio of 11.02, a PEG ratio of 1.62 and a beta of 1.07.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be issued a $0.6723 dividend. This represents a $2.69 annualized dividend and a yield of 4.56%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 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.