Northwest & Ethical Investments L.P. Trims Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Northwest & Ethical Investments L.P. reduced its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 13.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 166,826 shares of the bank's stock after selling 26,988 shares during the period. Northwest & Ethical Investments L.P.'s holdings in Canadian Imperial Bank of Commerce were worth $10,534,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in CM. Sandy Spring Bank acquired a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $32,000. Maryland State Retirement & Pension System grew its holdings in Canadian Imperial Bank of Commerce by 3.7% during the fourth quarter. Maryland State Retirement & Pension System now owns 114,137 shares of the bank's stock worth $7,217,000 after acquiring an additional 4,091 shares during the period. Intech Investment Management LLC raised its position in Canadian Imperial Bank of Commerce by 13.0% in the fourth quarter. Intech Investment Management LLC now owns 167,849 shares of the bank's stock worth $10,612,000 after acquiring an additional 19,260 shares in the last quarter. Generali Asset Management SPA SGR acquired a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at $173,000. Finally, PDS Planning Inc boosted its position in shares of Canadian Imperial Bank of Commerce by 3.8% during the 4th quarter. PDS Planning Inc now owns 5,167 shares of the bank's stock worth $327,000 after purchasing an additional 189 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

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Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock traded up $0.83 on Monday, hitting $57.56. The company's stock had a trading volume of 724,693 shares, compared to its average volume of 1,076,958. The company has a market capitalization of $54.11 billion, a P/E ratio of 10.76, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. 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 fifty day moving average price of $60.42 and a 200-day moving average price of $62.14. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders 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 annualized dividend and a dividend yield of 4.67%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 48.03%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CM. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and increased their price target for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Friday, February 14th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $92.00.

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.