Canadian Imperial Bank of Commerce (NYSE:CM) Stake Cut by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA decreased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 3.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 362,831 shares of the bank's stock after selling 14,228 shares during the quarter. Pictet Asset Management Holding SA's holdings in Canadian Imperial Bank of Commerce were worth $22,940,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of CM. Crews Bank & Trust bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth approximately $25,000. SBI Securities Co. Ltd. bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth $30,000. Sandy Spring Bank bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth $32,000. IFP Advisors Inc lifted its holdings in shares of 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 buying an additional 404 shares during the period. Finally, BNP Paribas Financial Markets bought a new position in Canadian Imperial Bank of Commerce during the third quarter valued at about $44,000. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Down 3.6 %

CM traded down $2.15 during trading on Friday, reaching $56.79. The company had a trading volume of 2,226,177 shares, compared to its average volume of 1,148,150. The firm's 50-day simple moving average is $59.43 and its 200 day simple moving average is $61.91. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $53.39 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 1.62 and a beta of 0.98. Canadian Imperial Bank of Commerce has a 12-month low of $46.50 and a 12-month high of $67.45.

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Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 4.74%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 48.03%.

Analyst Upgrades and Downgrades

CM has been the subject of a number of research analyst reports. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Friday. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, 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.