Candriam S.C.A. Sells 17,369 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Candriam S.C.A. decreased its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 5.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 279,333 shares of the bank's stock after selling 17,369 shares during the period. Candriam S.C.A.'s holdings in Canadian Imperial Bank of Commerce were worth $17,661,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. raised its position 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 acquiring an additional 1,305,665 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $62,849,000. Public Sector Pension Investment Board increased its position 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 during the last quarter. Alberta Investment Management Corp raised its stake in Canadian Imperial Bank of Commerce by 74.4% in the fourth quarter. Alberta Investment Management Corp now owns 1,572,963 shares of the bank's stock valued at $99,450,000 after buying an additional 671,028 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Canadian Imperial Bank of Commerce by 23.3% in the third quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank's stock valued at $195,561,000 after buying an additional 601,234 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

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Analyst Ratings Changes

A number of analysts have recently issued reports on CM shares. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Friday, February 14th. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and boosted their price objective 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 given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Trading Down 1.9 %

CM stock traded down $1.06 during mid-day trading on Monday, reaching $55.66. The company's stock had a trading volume of 699,023 shares, compared to its average volume of 1,106,889. Canadian Imperial Bank of Commerce has a 12 month low of $46.50 and a 12 month high of $67.45. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The business's 50 day moving average price is $61.85 and its 200 day moving average price is $62.16. The company has a market cap of $52.45 billion, a price-to-earnings ratio of 10.40, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.6723 per share. The ex-dividend date is Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 4.83%. Canadian Imperial Bank of Commerce's dividend payout ratio 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.