Northwest & Ethical Investments L.P. Trims Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Northwest & Ethical Investments L.P. decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 13.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 166,826 shares of the bank’s stock after selling 26,988 shares during the period. Northwest & Ethical Investments L.P.’s holdings in Canadian Imperial Bank of Commerce were worth $10,534,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. increased its position in Canadian Imperial Bank of Commerce by 14.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock valued at $652,676,000 after purchasing an additional 1,305,665 shares during the period. Zurich Insurance Group Ltd FI purchased a new position in Canadian Imperial Bank of Commerce during the third quarter valued at approximately $62,849,000. Public Sector Pension Investment Board raised its stake in Canadian Imperial Bank of Commerce by 32.0% in the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after buying an additional 900,575 shares in the last quarter. Alberta Investment Management Corp lifted its holdings in Canadian Imperial Bank of Commerce by 74.4% during the fourth quarter. Alberta Investment Management Corp now owns 1,572,963 shares of the bank’s stock worth $99,450,000 after buying an additional 671,028 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in Canadian Imperial Bank of Commerce by 23.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank’s stock valued at $195,561,000 after acquiring an additional 601,234 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Analyst Ratings Changes

CM has been the subject of several recent research reports. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their price target 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 Friday, February 14th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $56.78 on Thursday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market cap of $53.38 billion, a PE ratio of 10.61, a P/E/G ratio of 1.62 and a beta of 1.07. Canadian Imperial Bank of Commerce has a 12 month low of $46.50 and a 12 month high of $67.45. The stock has a fifty day moving average price of $60.74 and a 200-day moving average price of $62.15.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be paid a $0.6723 dividend. This represents a $2.69 dividend on an annualized basis and a yield of 4.74%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 48.03%.

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.