Zurich Insurance Group Ltd FI Reduces Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Zurich Insurance Group Ltd FI lowered its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 96.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 hedge funds and other institutional investors also recently bought and sold shares of CM. Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at about $570,477,000. Capital International Investors purchased a new stake in Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $424,386,000. FIL Ltd raised its stake in shares of Canadian Imperial Bank of Commerce by 53.6% during the 4th quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock worth $783,613,000 after buying an additional 4,321,451 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 37.3% in the 4th quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank's stock valued at $508,566,000 after buying an additional 2,185,262 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 31.3% in the fourth quarter. Geode Capital Management LLC now owns 5,573,202 shares of the bank's stock valued at $357,480,000 after buying an additional 1,327,967 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Up 1.8%

CM stock traded up $1.20 during midday trading on Monday, reaching $68.15. 1,177,957 shares of the company's stock traded hands, compared to its average volume of 1,136,930. 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 has a fifty-two week low of $46.99 and a fifty-two week high of $68.35. The business has a 50-day moving average price of $60.48 and a two-hundred day moving average price of $61.84. The company has a market capitalization of $64.07 billion, a P/E ratio of 12.74, a PEG ratio of 1.62 and a beta of 1.06.

Canadian Imperial Bank of Commerce Cuts Dividend

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

Wall Street Analyst Weigh In

Several analysts recently commented on CM shares. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, Scotiabank initiated coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" and an average 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.