Bank of Nova Scotia Trust Co. Has $7.12 Million Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Bank of Nova Scotia Trust Co. reduced its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 7.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 112,554 shares of the bank's stock after selling 8,756 shares during the quarter. Bank of Nova Scotia Trust Co.'s holdings in Canadian Imperial Bank of Commerce were worth $7,117,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets acquired a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter worth $44,000. State Street Corp bought a new position in shares of Canadian Imperial Bank of Commerce in the third quarter worth about $227,000. Franklin Resources Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 4.4% during the third quarter. Franklin Resources Inc. now owns 880,838 shares of the bank's stock worth $54,606,000 after buying an additional 37,419 shares during the last quarter. JPMorgan Chase & Co. increased its position in Canadian Imperial Bank of Commerce by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock worth $359,320,000 after acquiring an additional 334,545 shares during the period. Finally, Versant Capital Management Inc raised its stake in Canadian Imperial Bank of Commerce by 1,069.4% during the 4th quarter. Versant Capital Management Inc now owns 725 shares of the bank's stock valued at $46,000 after purchasing an additional 663 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and boosted their price target for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. Finally, StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock traded up $0.10 during mid-day trading on Thursday, hitting $60.29. 259,341 shares of the company were exchanged, compared to its average volume of 1,137,683. 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 quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The business has a fifty day moving average of $58.00 and a 200 day moving average of $61.53. The company has a market capitalization of $56.68 billion, a PE ratio of 11.27, a price-to-earnings-growth 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. Shareholders of record on Friday, March 28th will be given a $0.6723 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.46%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 48.03%.

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.