Verition Fund Management LLC raised its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 21.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,705 shares of the bank’s stock after buying an additional 1,348 shares during the quarter. Verition Fund Management LLC’s holdings in Canadian Imperial Bank of Commerce were worth $625,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Stephens Inc. AR raised its position in shares of Canadian Imperial Bank of Commerce by 0.3% in the 2nd quarter. Stephens Inc. AR now owns 6,848 shares of the bank’s stock valued at $556,000 after purchasing an additional 19 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 0.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,627 shares of the bank’s stock valued at $485,000 after purchasing an additional 21 shares during the last quarter. Strategic Global Advisors LLC raised its position in shares of Canadian Imperial Bank of Commerce by 0.6% in the 2nd quarter. Strategic Global Advisors LLC now owns 4,667 shares of the bank’s stock valued at $379,000 after purchasing an additional 30 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 0.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 5,118 shares of the bank’s stock valued at $441,000 after purchasing an additional 33 shares during the last quarter. Finally, Shoker Investment Counsel Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 3.4% in the 2nd quarter. Shoker Investment Counsel Inc. now owns 2,595 shares of the bank’s stock valued at $210,000 after purchasing an additional 85 shares during the last quarter. 46.43% of the stock is owned by institutional investors and hedge funds.

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The business also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Thursday, September 28th will be issued a $1.0329 dividend. The ex-dividend date is Wednesday, September 27th. This represents a $4.13 dividend on an annualized basis and a dividend yield of 4.61%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.94. Canadian Imperial Bank of Commerce’s payout ratio is presently 49.82%.

Several brokerages recently weighed in on CM. BidaskClub upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. Canaccord Genuity set a $117.00 price target on shares of Canadian Imperial Bank of Commerce and gave the stock a “buy” rating in a report on Thursday, August 24th. Zacks Investment Research upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a report on Tuesday, July 18th. Finally, TD Securities upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and set a $120.00 price target on the stock in a report on Wednesday, September 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. Canadian Imperial Bank of Commerce has an average rating of “Hold” and an average price target of $101.80.

Canadian Imperial Bank of Commerce 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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