Franklin Resources Inc. Raises Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Franklin Resources Inc. grew its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.4% during the third quarter, Holdings Channel reports. The firm owned 880,838 shares of the bank’s stock after purchasing an additional 37,419 shares during the period. Franklin Resources Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $54,606,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CM. Ridgewood Investments LLC purchased a new position in Canadian Imperial Bank of Commerce during the 2nd quarter worth $29,000. BNP Paribas Financial Markets bought a new position in shares of Canadian Imperial Bank of Commerce during the third quarter valued at about $44,000. Blue Trust Inc. grew its position in Canadian Imperial Bank of Commerce by 571.6% in the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after purchasing an additional 623 shares in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $51,000. Finally, Massmutual Trust Co. FSB ADV lifted its position in shares of Canadian Imperial Bank of Commerce by 23.1% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock worth $56,000 after buying an additional 171 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

CM has been the subject of several recent analyst reports. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. Royal Bank of Canada restated a “sector perform” rating and issued a $97.00 price objective (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday, December 6th. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, December 6th. BMO Capital Markets raised their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Finally, Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $89.00.

Canadian Imperial Bank of Commerce Trading Up 0.0 %

Shares of CM opened at $66.17 on Tuesday. Canadian Imperial Bank of Commerce has a fifty-two week low of $43.86 and a fifty-two week high of $67.45. The business has a 50-day moving average of $63.82 and a 200 day moving average of $56.92. The firm has a market cap of $62.50 billion, a P/E ratio of 12.37, a price-to-earnings-growth ratio of 1.78 and a beta of 1.06. 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 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be given a $0.6912 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.76 annualized dividend and a dividend yield of 4.18%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s payout ratio is 53.46%.

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.