Value Partners Investments Inc. Cuts Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Value Partners Investments Inc. reduced its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 92.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,806 shares of the bank's stock after selling 982,535 shares during the quarter. Canadian Imperial Bank of Commerce comprises approximately 0.2% of Value Partners Investments Inc.'s holdings, making the stock its 12th largest position. Value Partners Investments Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $5,236,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CM. Norges Bank bought a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at about $570,477,000. FIL Ltd grew its holdings in shares of Canadian Imperial Bank of Commerce by 53.6% in the fourth quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock valued at $783,613,000 after purchasing an additional 4,321,451 shares in the last quarter. JPMorgan Chase & Co. increased its position in Canadian Imperial Bank of Commerce by 37.3% in the fourth quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank's stock worth $508,566,000 after purchasing an additional 2,185,262 shares during the last quarter. Geode Capital Management LLC grew its position in 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 worth $357,480,000 after acquiring an additional 1,327,967 shares in the last quarter. Finally, TD Asset Management Inc. increased its stake in Canadian Imperial Bank of Commerce by 3.7% during the fourth quarter. TD Asset Management Inc. now owns 23,600,495 shares of the bank's stock worth $1,492,138,000 after acquiring an additional 851,164 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Wall Street Analyst Weigh In

CM has been the topic of a number of analyst reports. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Monday, April 14th. Two equities 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 has an average rating of "Moderate Buy" and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.3 %

Shares of CM stock traded up $0.17 during mid-day trading on Friday, hitting $58.94. The stock had a trading volume of 588,465 shares, compared to its average volume of 1,144,568. 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 12-month low of $46.50 and a 12-month high of $67.45. The firm's 50-day moving average is $58.14 and its two-hundred day moving average is $61.55. The firm has a market capitalization of $55.41 billion, a P/E ratio of 11.02, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be issued a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a yield of 4.56%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's payout ratio is 48.03%.

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.