First Trust Advisors LP Has $54.36 Million Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

First Trust Advisors LP reduced its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 6.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 859,568 shares of the bank's stock after selling 58,600 shares during the quarter. First Trust Advisors LP owned about 0.09% of Canadian Imperial Bank of Commerce worth $54,355,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth about $570,477,000. Capital International Investors purchased a new stake in Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $424,386,000. FIL Ltd grew its stake in shares of Canadian Imperial Bank of Commerce by 53.6% during the 4th quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock valued at $783,613,000 after buying an additional 4,321,451 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Canadian Imperial Bank of Commerce by 37.3% during the fourth quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank's stock valued at $508,566,000 after purchasing an additional 2,185,262 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 31.3% in the fourth quarter. Geode Capital Management LLC now owns 5,573,202 shares of the bank's stock worth $357,480,000 after acquiring an additional 1,327,967 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

CM traded up $0.75 during trading on Friday, reaching $61.12. 756,591 shares of the company were exchanged, compared to its average volume of 1,138,360. 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 stock has a market cap of $57.46 billion, a P/E ratio of 11.42, a PEG ratio of 1.62 and a beta of 0.98. Canadian Imperial Bank of Commerce has a 52 week low of $46.50 and a 52 week high of $67.45. The firm has a 50 day moving average of $57.94 and a 200 day moving average of $61.54.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be given a $0.6723 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.40%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 48.03%.

Analyst Ratings Changes

Several research analysts have recently commented on CM shares. Jefferies Financial Group lowered Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Tuesday. Finally, Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and increased their target price for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus 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.