BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 3,190,327 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 61.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,015,995 shares of the bank’s stock after selling 3,190,327 shares during the period. Canadian Imperial Bank of Commerce makes up 0.8% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s investment portfolio, making the stock its 20th largest holding. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Canadian Imperial Bank of Commerce were worth $127,363,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. PDS Planning Inc boosted its holdings 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 worth $327,000 after purchasing an additional 189 shares during the last quarter. Mesirow Financial Investment Management Inc. boosted its stake 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 buying 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 fourth quarter. MassMutual Private Wealth & Trust FSB now owns 1,161 shares of the bank’s stock worth $73,000 after acquiring an additional 250 shares during the period. Fifth Third Bancorp increased its position in Canadian Imperial Bank of Commerce by 5.7% during the fourth quarter. Fifth Third Bancorp now owns 4,971 shares of the bank’s stock valued at $314,000 after acquiring an additional 270 shares during the last quarter. Finally, Sequoia Financial Advisors LLC lifted its holdings in Canadian Imperial Bank of Commerce by 7.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 3,977 shares of the bank’s stock valued at $251,000 after acquiring an additional 279 shares during the period. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM opened at $66.72 on Wednesday. The business’s 50-day simple moving average is $59.85 and its two-hundred day simple moving average is $61.78. Canadian Imperial Bank of Commerce has a 52 week low of $46.99 and a 52 week high of $67.45. The stock has a market cap of $62.73 billion, a PE ratio of 12.47, a P/E/G ratio of 1.62 and a beta of 1.06. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 28th. Investors of record on Friday, March 28th were issued a $0.6723 dividend. The ex-dividend date was Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.03%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 48.03%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Tuesday, May 13th. Jefferies Financial Group lowered Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Monday, April 21st. Finally, Scotiabank began 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 research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.