Letko Brosseau & Associates Inc. lowered its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 2.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,396,332 shares of the bank's stock after selling 67,630 shares during the quarter. Canadian Imperial Bank of Commerce comprises 2.9% of Letko Brosseau & Associates Inc.'s portfolio, making the stock its 10th largest position. Letko Brosseau & Associates Inc. owned about 0.25% of Canadian Imperial Bank of Commerce worth $151,508,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. PDS Planning Inc grew its position in Canadian Imperial Bank of Commerce by 3.8% in the fourth quarter. PDS Planning Inc now owns 5,167 shares of the bank's stock valued at $327,000 after acquiring an additional 189 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 4.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock valued at $255,000 after acquiring an additional 194 shares during the period. Mesirow Financial Investment Management Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 0.7% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 33,094 shares of the bank's stock worth $2,092,000 after purchasing an additional 222 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Canadian Imperial Bank of Commerce by 27.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 1,161 shares of the bank's stock worth $73,000 after purchasing an additional 250 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in shares of Canadian Imperial Bank of Commerce by 5.7% during the 4th quarter. Fifth Third Bancorp now owns 4,971 shares of the bank's stock worth $314,000 after purchasing an additional 270 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on CM. Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday. They set a "sector outperform" rating on the stock. StockNews.com upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Tuesday. Finally, Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.00.
Read Our Latest Stock Analysis on CM
Canadian Imperial Bank of Commerce Price Performance
Shares of CM traded up $0.27 during mid-day trading on Thursday, hitting $65.76. 925,587 shares of the company traded hands, compared to its average volume of 1,129,583. 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 stock has a market capitalization of $61.82 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 1.62 and a beta of 1.06. The business has a 50-day moving average of $58.97 and a 200 day moving average of $61.70. Canadian Imperial Bank of Commerce has a one year low of $46.99 and a one year high of $67.45.
Canadian Imperial Bank of Commerce Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Shareholders of record on Friday, March 28th were given a $0.6723 dividend. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.09%. Canadian Imperial Bank of Commerce's payout ratio is 48.03%.
About Canadian Imperial Bank of Commerce
(
Free Report)
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.
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