Scheer Rowlett & Associates Investment Management Ltd. Has $57.87 Million Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Scheer Rowlett & Associates Investment Management Ltd. lessened its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 21.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 916,026 shares of the bank's stock after selling 251,706 shares during the period. Canadian Imperial Bank of Commerce comprises 4.2% of Scheer Rowlett & Associates Investment Management Ltd.'s holdings, making the stock its 8th largest holding. Scheer Rowlett & Associates Investment Management Ltd. owned 0.10% of Canadian Imperial Bank of Commerce worth $57,871,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CM. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $243,000. US Bancorp DE grew its position in shares of Canadian Imperial Bank of Commerce by 6.3% during the 3rd quarter. US Bancorp DE now owns 15,280 shares of the bank's stock worth $937,000 after purchasing an additional 906 shares in the last quarter. Gold Investment Management Ltd. grew its position in shares of Canadian Imperial Bank of Commerce by 0.7% during the 3rd quarter. Gold Investment Management Ltd. now owns 54,225 shares of the bank's stock worth $3,326,000 after purchasing an additional 387 shares in the last quarter. Fiera Capital Corp grew its position in shares of Canadian Imperial Bank of Commerce by 2.1% during the 3rd quarter. Fiera Capital Corp now owns 36,881 shares of the bank's stock worth $2,265,000 after purchasing an additional 772 shares in the last quarter. Finally, Verdence Capital Advisors LLC grew its position in shares of Canadian Imperial Bank of Commerce by 4.5% during the 3rd quarter. Verdence Capital Advisors LLC now owns 17,435 shares of the bank's stock worth $1,069,000 after purchasing an additional 756 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 NYSE CM traded up $0.64 during trading hours on Wednesday, hitting $55.97. 581,077 shares of the stock were exchanged, compared to its average volume of 980,279. Canadian Imperial Bank of Commerce has a 1-year low of $46.50 and a 1-year high of $67.45. 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 $52.74 billion, a PE ratio of 10.46, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. The company's fifty day simple moving average is $61.54 and its two-hundred day simple moving average is $62.18.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders 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 4.81%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 48.03%.

Analysts Set New Price Targets

A number of research analysts have issued reports on CM shares. Royal Bank of Canada upgraded 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 research 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. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Hold" and an average target price 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.