Zurcher Kantonalbank Zurich Cantonalbank Sells 170,280 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 29.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 399,728 shares of the bank's stock after selling 170,280 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Canadian Imperial Bank of Commerce were worth $25,273,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CIBC Asset Management Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank's stock worth $696,659,000 after buying an additional 375,837 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Canadian Imperial Bank of Commerce by 14.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank's stock worth $652,676,000 after purchasing an additional 1,305,665 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Canadian Imperial Bank of Commerce by 6.1% in the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock worth $359,320,000 after purchasing an additional 334,545 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Canadian Imperial Bank of Commerce by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank's stock valued at $262,598,000 after purchasing an additional 336,854 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its position in shares of Canadian Imperial Bank of Commerce by 32.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank's stock valued at $228,043,000 after purchasing an additional 900,575 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and boosted their price target for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com raised 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 issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $92.00.

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Canadian Imperial Bank of Commerce Trading Down 0.5 %

Shares of Canadian Imperial Bank of Commerce stock opened at $55.33 on Wednesday. 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 stock has a market capitalization of $52.14 billion, a P/E ratio of 10.34, a P/E/G 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 stock's 50-day simple moving average is $61.54 and its 200 day simple moving average is $62.18.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be paid a dividend of $0.6723 per share. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.86%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce's payout ratio is currently 48.03%.

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.

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