Amundi Reduces Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Amundi trimmed its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 25.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,964,957 shares of the bank's stock after selling 684,721 shares during the quarter. Amundi owned 0.21% of Canadian Imperial Bank of Commerce worth $124,079,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Canadian Imperial Bank of Commerce by 14.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank's stock worth $652,676,000 after buying an additional 1,305,665 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in Canadian Imperial Bank of Commerce during the third quarter worth $62,849,000. Public Sector Pension Investment Board grew its holdings in Canadian Imperial Bank of Commerce by 32.0% during 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 grew 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 in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Canadian Imperial Bank of Commerce by 23.3% during the third quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank's stock worth $195,561,000 after buying an additional 601,234 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

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Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM traded up $1.23 during trading on Friday, reaching $56.28. The company's stock had a trading volume of 702,584 shares, compared to its average volume of 1,100,214. The firm has a market cap of $53.03 billion, a price-to-earnings ratio of 10.52, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a 50 day moving average of $61.24 and a 200-day moving average of $62.09. Canadian Imperial Bank of Commerce has a 12 month low of $46.50 and a 12 month high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be given a dividend of $0.6723 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.78%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 48.03%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. StockNews.com upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Friday, February 14th. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and upped their price target for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $92.00.

Canadian Imperial Bank of Commerce Company 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.