Legal & General Group Plc Cuts Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Legal & General Group Plc lowered its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 21.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,788,342 shares of the bank's stock after selling 1,541,730 shares during the quarter. Legal & General Group Plc owned 0.61% of Canadian Imperial Bank of Commerce worth $365,967,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Crews Bank & Trust acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $25,000. SBI Securities Co. Ltd. purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth $30,000. Sandy Spring Bank purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth $32,000. IFP Advisors Inc grew 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 purchasing an additional 404 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in shares of Canadian Imperial Bank of Commerce in the third quarter valued at $44,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM traded up $0.71 during trading hours on Friday, reaching $57.12. 1,105,747 shares of the company traded hands, compared to its average volume of 1,152,792. The stock has a market capitalization of $53.69 billion, a PE ratio of 10.68, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98. The stock has a fifty day simple moving average of $58.45 and a 200 day simple moving average of $61.64. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.50 and a fifty-two week 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.

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Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors 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 payout ratio is 48.03%.

Wall Street Analyst Weigh In

CM has been the topic of several recent research reports. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Friday, April 4th. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and upped their price target for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and a consensus target price of $92.00.

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.