Van ECK Associates Corp Has $11.29 Million Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Van ECK Associates Corp cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 12.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 178,574 shares of the bank's stock after selling 26,550 shares during the period. Van ECK Associates Corp's holdings in Canadian Imperial Bank of Commerce were worth $11,289,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Crews Bank & Trust acquired a new stake in Canadian Imperial Bank of Commerce during the 4th quarter valued at $25,000. BNP Paribas Financial Markets acquired a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter valued at $44,000. Versant Capital Management Inc increased its holdings in Canadian Imperial Bank of Commerce by 1,069.4% during the 4th quarter. Versant Capital Management Inc now owns 725 shares of the bank's stock valued at $46,000 after purchasing an additional 663 shares in the last quarter. Blue Trust Inc. increased its holdings in Canadian Imperial Bank of Commerce by 571.6% during the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank's stock valued at $45,000 after purchasing an additional 623 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in Canadian Imperial Bank of Commerce by 27.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 1,161 shares of the bank's stock valued at $73,000 after purchasing an additional 250 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Trading Down 0.4 %

Shares of NYSE:CM traded down $0.24 during midday trading on Thursday, hitting $61.62. The company had a trading volume of 663,084 shares, compared to its average volume of 1,008,866. Canadian Imperial Bank of Commerce has a 12 month low of $46.02 and a 12 month high of $67.45. 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 $58.07 billion, a price-to-earnings ratio of 11.52, a PEG ratio of 1.64 and a beta of 1.05. The firm has a fifty day simple moving average of $63.12 and a 200 day simple moving average of $61.40.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th were given a $0.6912 dividend. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.65. This represents a $2.76 annualized dividend and a dividend yield of 4.49%. The ex-dividend date of this dividend was Friday, December 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 51.22%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and raised their price target for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Friday, February 14th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock 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.