Envestnet Portfolio Solutions Inc. Sells 16,937 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Envestnet Portfolio Solutions Inc. decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 50.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,813 shares of the bank's stock after selling 16,937 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $1,063,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CM. Crews Bank & Trust purchased a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $25,000. SBI Securities Co. Ltd. bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $30,000. IFP Advisors Inc grew its position 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 worth $34,000 after acquiring an additional 404 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $44,000. Finally, Versant Capital Management Inc raised its stake in shares of Canadian Imperial Bank of Commerce by 1,069.4% during the fourth quarter. Versant Capital Management Inc now owns 725 shares of the bank's stock worth $46,000 after acquiring an additional 663 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

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Analyst Upgrades and Downgrades

CM has been the topic of several recent research reports. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and raised their price target for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Friday, February 14th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM traded up $0.12 on Wednesday, reaching $58.12. 7,030,207 shares of the stock were exchanged, compared to its average volume of 1,083,324. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a one year low of $46.50 and a one year high of $67.45. The firm has a market capitalization of $54.63 billion, a PE ratio of 10.86, a PEG ratio of 1.62 and a beta of 1.07. The company's 50-day simple moving average is $60.35 and its two-hundred day simple moving average is $62.13.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be paid 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 4.63%. Canadian Imperial Bank of Commerce's payout ratio is presently 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.