Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Aviva PLC

Aviva PLC cut its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 37.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 567,731 shares of the bank's stock after selling 343,088 shares during the period. Aviva PLC owned approximately 0.06% of Canadian Imperial Bank of Commerce worth $35,841,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CM. Crews Bank & Trust acquired a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $25,000. SBI Securities Co. Ltd. acquired a new position in Canadian Imperial Bank of Commerce in the 4th quarter valued at $30,000. Sandy Spring Bank purchased a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth $32,000. IFP Advisors Inc lifted its stake in shares of Canadian Imperial Bank of Commerce by 318.1% in the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank's stock worth $34,000 after acquiring an additional 404 shares during the period. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter valued at about $44,000. 49.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and raised their price objective for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com cut Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Friday, April 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" and an average price target of $92.00.

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Canadian Imperial Bank of Commerce Price Performance

CM stock traded up $0.72 during trading on Friday, reaching $57.13. 284,940 shares of the company were exchanged, compared to its average volume of 1,150,073. 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 stock's 50 day moving average price is $58.55 and its 200 day moving average price is $61.68. Canadian Imperial Bank of Commerce has a 52-week low of $46.50 and a 52-week high of $67.45. The company has a market cap of $53.70 billion, a P/E ratio of 10.68, a PEG ratio of 1.62 and a beta of 0.98.

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 paid a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a dividend yield of 4.71%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 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.