Zurich Insurance Group Ltd FI Sells 987,135 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Zurich Insurance Group Ltd FI trimmed its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 96.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,400 shares of the bank's stock after selling 987,135 shares during the period. Zurich Insurance Group Ltd FI's holdings in Canadian Imperial Bank of Commerce were worth $2,300,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in CM. Crews Bank & Trust acquired a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth $25,000. Operose Advisors LLC purchased a new stake in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $26,000. SBI Securities Co. Ltd. acquired a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth approximately $30,000. Sandy Spring Bank acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth $32,000. Finally, IFP Advisors Inc grew its holdings in shares of Canadian Imperial Bank of Commerce by 318.1% during the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank's stock worth $34,000 after purchasing an additional 404 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Up 1.8%

NYSE CM traded up $1.20 on Friday, hitting $68.15. 1,177,957 shares of the company were exchanged, compared to its average volume of 1,136,790. Canadian Imperial Bank of Commerce has a twelve month low of $46.99 and a twelve month high of $68.35. The company's 50 day moving average price is $60.48 and its 200-day moving average price is $61.87. The firm has a market capitalization of $64.07 billion, a P/E ratio of 12.74, a price-to-earnings-growth ratio of 1.62 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, March 28th were issued a dividend of $0.6723 per share. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 3.95%. Canadian Imperial Bank of Commerce's dividend payout ratio is 48.03%.

Wall Street Analysts Forecast Growth

CM has been the subject of several recent research reports. Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $92.00.

About Canadian Imperial Bank of Commerce

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.