Envestnet Asset Management Inc. Reduces Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Envestnet Asset Management Inc. cut its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 44.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 438,977 shares of the bank's stock after selling 344,909 shares during the period. Envestnet Asset Management Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $27,757,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. PDS Planning Inc lifted its stake in shares of 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 worth $327,000 after buying an additional 189 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 4.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock valued at $255,000 after purchasing an additional 194 shares during the period. Mesirow Financial Investment Management Inc. increased its position in Canadian Imperial Bank of Commerce by 0.7% during the fourth 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. MML Investors Services LLC boosted its holdings in Canadian Imperial Bank of Commerce by 0.5% in the 3rd quarter. MML Investors Services LLC now owns 44,008 shares of the bank's stock valued at $2,699,000 after purchasing an additional 237 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of Canadian Imperial Bank of Commerce by 27.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 1,161 shares of the bank's stock valued at $73,000 after buying an additional 250 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Up 0.3 %

Shares of NYSE CM traded up $0.17 during midday trading on Friday, hitting $58.94. The company's stock had a trading volume of 588,465 shares, compared to its average volume of 1,144,478. The firm has a market capitalization of $55.41 billion, a price-to-earnings ratio of 11.02, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98. 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 debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The business's fifty day simple moving average is $58.19 and its two-hundred day simple moving average is $61.56.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be issued a $0.6723 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.56%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 48.03%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and raised their price objective for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Monday. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and a consensus price target of $92.00.

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.