Commonwealth Equity Services LLC Sells 6,333 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Commonwealth Equity Services LLC lessened its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 21.3% during the fourth quarter, Holdings Channel reports. The fund owned 23,371 shares of the bank’s stock after selling 6,333 shares during the period. Commonwealth Equity Services LLC’s holdings in Canadian Imperial Bank of Commerce were worth $1,478,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ grew its position in Canadian Imperial Bank of Commerce by 244.8% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 417,930 shares of the bank’s stock valued at $26,493,000 after acquiring an additional 296,738 shares during the last quarter. Achmea Investment Management B.V. grew its holdings in shares of Canadian Imperial Bank of Commerce by 1,377.4% during the 4th quarter. Achmea Investment Management B.V. now owns 325,667 shares of the bank’s stock valued at $20,590,000 after purchasing an additional 303,624 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank’s stock worth $679,613,000 after purchasing an additional 115,884 shares during the period. Jupiter Asset Management Ltd. bought a new stake in Canadian Imperial Bank of Commerce in the fourth quarter worth $36,733,000. Finally, Sequoia Financial Advisors LLC boosted its position in Canadian Imperial Bank of Commerce by 7.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 3,977 shares of the bank’s stock valued at $251,000 after buying an additional 279 shares during the period. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analysts Set New Price Targets

CM has been the topic of several analyst reports. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. Two 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE:CM opened at $56.16 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average price of $60.03 and a 200-day moving average price of $62.05. The company has a market cap of $52.79 billion, a price-to-earnings ratio of 10.50, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. Canadian Imperial Bank of Commerce has a 12 month low of $46.50 and a 12 month high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders 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 yield of 4.79%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s payout ratio is 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.