Bank of New York Mellon Corp Purchases 58,830 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Bank of New York Mellon Corp lifted its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 7.3% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 868,803 shares of the bank's stock after purchasing an additional 58,830 shares during the period. Bank of New York Mellon Corp owned about 0.09% of Canadian Imperial Bank of Commerce worth $54,934,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Crews Bank & Trust bought a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at approximately $25,000. IFP Advisors Inc boosted its holdings in Canadian Imperial Bank of Commerce by 318.1% in the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank's stock valued at $34,000 after acquiring an additional 404 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Canadian Imperial Bank of Commerce during the 3rd quarter valued at $44,000. Versant Capital Management Inc lifted its position in shares of Canadian Imperial Bank of Commerce by 1,069.4% in the 4th quarter. Versant Capital Management Inc now owns 725 shares of the bank's stock worth $46,000 after purchasing an additional 663 shares during the period. Finally, Allworth Financial LP boosted its stake in shares of Canadian Imperial Bank of Commerce by 255.6% during the 4th quarter. Allworth Financial LP now owns 1,120 shares of the bank's stock valued at $71,000 after purchasing an additional 805 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM traded down $1.23 during mid-day trading on Thursday, hitting $56.94. 377,364 shares of the company traded hands, compared to its average volume of 1,127,347. Canadian Imperial Bank of Commerce has a 1 year low of $46.50 and a 1 year high of $67.45. 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 has a 50-day moving average price of $62.13 and a two-hundred day moving average price of $62.06. The stock has a market cap of $53.66 billion, a price-to-earnings ratio of 10.66, a P/E/G ratio of 1.62 and a beta of 1.07.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed 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. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.72%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's payout ratio is 48.03%.

Analyst Ratings Changes

CM has been the subject of a number of research analyst reports. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and raised their target price for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Friday, February 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" 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.